According to Yonhap News on November 2, as part of the U.S.-China trade agreement, China may revoke sanctions against a U.S. subsidiary of Hanwha Ocean.
The White House announced on October 1 local time the details of the U.S.-China trade agreement, which explicitly states that our country will revoke two measures: first, measures taken in retaliation for the U.S. investigation into our shipping, logistics, and shipbuilding industries under Section 301 of the Trade Act; second, sanctions imposed on several shipping companies.
Previously, our country had added five U.S. subsidiaries of Hanwha Ocean to the list of entities prohibited from conducting business with our companies on October 14, citing that these companies cooperated with the Office of the U.S. Trade Representative (USTR) in its Section 301 investigation. These include Hanwha Philippines Shipyard, Hanwha Shipping, Hanwha Ocean U.S. International Company, Hanwha Shipping Holding Company, and HS U.S. Holding Company.
Regarding this move targeting Hanwha Ocean, which has helped rebuild the U.S. shipbuilding industry, USTR representative Jason Green publicly criticized it, calling it an "economic pressure" and "retaliatory act" aimed at preventing foreign companies from investing in the U.S. shipbuilding industry.
According to this agreement, the U.S. will suspend, for one year starting from October 10, the measures taken against our shipping, logistics, and shipbuilding industries under Section 301 of the Trade Act. However, although the U.S. previously implemented measures such as charging entry fees on our ships, the statement did not specifically detail which measures will be suspended this time.
The White House stated that the U.S. will continue to cooperate with South Korea and Japan on the historic reconstruction of the U.S. shipbuilding industry, while planning to negotiate with us under Section 301 of the Trade Act.
Original: www.toutiao.com/article/1847634946622538/
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