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33m ago

China Pauses Sanctions on Hanwha's U.S. Units for One Year

Beijing cast the suspension as a reciprocal step under the Busan truce.

Hanwha Philly Shipyard was among the US subsidiaries of Hanwha Ocean that had been under Chinese sanctions
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Overview

  • China’s Commerce Ministry said the suspension takes effect Nov. 10 and will run for one year.
  • The affected U.S. subsidiaries are Hanwha Philly Shipyard, Hanwha Shipping, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings.
  • Beijing linked the move to the United States pausing Section 301 measures on China’s maritime, logistics and shipbuilding sectors for one year and halting port fees on Chinese-built or operated ships.
  • China’s October sanctions barred Chinese entities from dealing with the five units after accusations they supported a U.S. Section 301 investigation.
  • The step follows Xi Jinping’s meeting with President Donald Trump in Busan and a White House fact sheet detailing reciprocal de-escalation, a development with stakes for Hanwha’s $5 billion Philly Shipyard investment.