China has added five US subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanctions list for allegedly co-operating with American efforts to impose punitive fees on Chinese vessels that took effect on Tuesday.
Beijing said the measures against the South Korean companies, which come as tensions have flared up anew in trade talks with Washington, were part of a wider probe into entities that have allegedly assisted US actions against China’s dominance of global shipbuilding.
China’s ministry of commerce said on Tuesday it had enacted its anti-foreign sanctions law against Hanwha’s US units, sending the Korean group’s shares down as much as 8 per cent.
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