Overview
- China sanctioned five U.S.-based subsidiaries of Hanwha Ocean on Oct. 14, escalating tensions over maritime and shipbuilding trade.
- USTR official Jamieson Greer condemned the measures as economic coercion aimed at discouraging investment in U.S. shipbuilding and other critical sectors.
- South Korea’s Trade Minister Yeo Han-koo urged a swift rollback in a video meeting with China’s top trade negotiator Li Chenggang.
- Seoul also raised concerns about China’s new export restrictions on five additional rare earth elements during the talks.
- The targeted entities, including Hanwha Philly Shipyard, are tied to a July framework under which the U.S. cut tariffs to 15 percent as South Korea pledged $350 billion in U.S. strategic industries.