Chinese Ministry of Commerce: "Sanctions on Hanwha Ocean's U.S. Subsidiaries Suspended for One Year"
U.S. Suspends Section 301 Investigation
into China's Logistics Industry
China has decided to defer sanctions against five U.S. subsidiaries of Hanwha Ocean for one year, following an agreement to refrain from escalating the U.S.-China trade war.
On November 10, the Chinese Ministry of Commerce announced, "The United States has suspended the implementation of Section 301 investigation measures against China's maritime logistics and shipbuilding industries for one year, starting November 10." The ministry stated that, effective immediately, sanctions against five Hanwha Ocean subsidiaries located in the United States would be deferred for one year.
Previously, on October 14, China had placed five U.S. subsidiaries of Hanwha Ocean on a sanctions list that prohibited transactions with Chinese companies. This action was taken in retaliation for Hanwha Ocean's cooperation with the Office of the United States Trade Representative (USTR) in the Section 301 investigation targeting China's shipping, logistics, and shipbuilding industries. The affected subsidiaries include Hanwha Philly Shipyard, Hanwha Shipping, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings.
This deferral of sanctions appears to be a result of the U.S.-China trade agreement. On October 30, the leaders of the United States and China met in Busan and agreed to refrain from escalating the trade war. Under this agreement, both countries committed to lowering tariffs imposed on each other, and China agreed to lift restrictions on rare earth exports. The United States, in turn, decided to suspend for one year the control measures against China's shipping, logistics, and shipbuilding industries that were based on the Section 301 investigation.
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According to the U.S.-China trade agreement fact sheet released by the White House on November 1, China agreed to withdraw the retaliatory measures it had implemented in response to the U.S. Section 301 investigation into China's shipping, logistics, and shipbuilding industries, and to lift sanctions imposed on various shipping companies.
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