The ministry reportedly warned more retaliatory actions and said it was looking into a Washington investigation into China's increasing dominance in global shipbuilding.
Citing Hanwha's participation in the investigation, it said that the US probe jeopardizes China's shipping industry and national security.
In April 2024, the Section 301 trade inquiry was started by the US Trade Representative. It concluded that US companies were burdened by China's dominance in the sector.
In April 2024, the Section 301 trade inquiry was started by the US Trade Representative. It concluded that US companies were burdened by China's dominance in the sector.
According to Kun Cao, deputy chief executive at consultancy firm Reddal, "China just weaponized shipbuilding." "Beijing is signaling it will hit thirdcountry firms that help Washington counter China's maritime dominance."
Another area of contention between Beijing and Washington is international shipping and shipbuilding. New port fees levied by both parties on each other's vessels went into force on Tuesday.
China's dominance as the world's largest shipbuilder has prompted South Korea and the US to forge deeper shipbuilding ties.
The Philly Shipyard in Pennsylvania was purchased by Hanwha Ocean for $100 million at the end of 2024. In August, it declared its intention to support U.S. efforts to restore internationally competitive shipbuilding capacity by investing $5 billion in new docks and quays.
Another area of contention between Beijing and Washington is international shipping and shipbuilding. New port fees levied by both parties on each other's vessels went into force on Tuesday.
China's dominance as the world's largest shipbuilder has prompted South Korea and the US to forge deeper shipbuilding ties.
The Philly Shipyard in Pennsylvania was purchased by Hanwha Ocean for $100 million at the end of 2024. In August, it declared its intention to support U.S. efforts to restore internationally competitive shipbuilding capacity by investing $5 billion in new docks and quays.
Hanwha Ocean was awarded contracts by the US Navy last year to maintain, repair, and overhaul American navy ships.
The organization stated in an email that "Hanwha Ocean is aware of the announcement made by the Chinese government and is closely reviewing its potential business impact on the company."
South Korean shares of Hanwha Ocean dropped as much as 8% on Tuesday, ending the day 5.8% lower.
The organization stated in an email that "Hanwha Ocean is aware of the announcement made by the Chinese government and is closely reviewing its potential business impact on the company."
South Korean shares of Hanwha Ocean dropped as much as 8% on Tuesday, ending the day 5.8% lower.
The Seoul administration was evaluating the potential impact of the sanctions on the Hanwha enterprises and associated South Korean economic sectors, according to a statement from the country's Foreign Ministry.
The ministry stated that it would "communicate with relevant ministries, industry representatives and the Chinese side to minimize damages resulting from these measures."
Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings are the sanctioned entities.
The ministry stated that it would "communicate with relevant ministries, industry representatives and the Chinese side to minimize damages resulting from these measures."
Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings are the sanctioned entities.
US President Donald Trump, who expressed annoyance about new Chinese export restrictions on rare earths, warned a new 100% tariff on imports from China, seemingly shattering the truce in the trade war between the two largest economies in the world.
The intensification of hostilities cast question on whether Trump and Chinese President Xi Jinping will proceed with their scheduled summit for the end of this month. Beijing, however, stated on Tuesday that the US and China had held discussions on Monday and have remained in touch.
The intensification of hostilities cast question on whether Trump and Chinese President Xi Jinping will proceed with their scheduled summit for the end of this month. Beijing, however, stated on Tuesday that the US and China had held discussions on Monday and have remained in touch.
In many ways, China's new port fees are similar to those the US imposes on Chinese ships. They will be applied to ships that are owned by US companies, other entities, or individuals; those that are operated by US entities, including those that have a 25% or greater U.S. stake; vessels flying the U.S. flag; and vessels built in the United States.
