Beijing has announced sanctions against five US-based subsidiaries of the South Korean shipping giant Hanwha Ocean, accusing the firm of cooperating with Washington in its curbs on China’s maritime sector,

Recruited just before China’s fresh sanctions on five Hanwha Ocean units amid rising Sino-US shipbuilding rivalry

The U.S. and China have opened a new front in their trade war by imposing retaliatory port fees on shipping fleets, reshaping global maritime trade dynamics.

China’s Commerce Ministry said Tuesday it was banning dealings by Chinese companies with five subsidiaries of South Korean shipbuilder Hanwha Ocean in the latest swipe by Beijing at US President Donald Trump’s effort to rebuild the industry in America.

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The value of Bitcoin ( BTC -1.98%) continued falling today after China said it was putting restrictions on a major South Korean shipbuilder, Hanwha Ocean Co. The company has some naval contracts with the federal government and owns a shipyard in the U.S.

El Ministerio chino de Comercio dijo el martes que estaba prohibiría las transacciones de empresas chinas con cinco subsidiarias del constructor naval surcoreano Hanwha Ocean.