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China has decided to suspend sanctions on the U.S.-linked subsidiaries of South Korea’s Hanwha Ocean Co Ltd for a year, the country’s commerce ministry announced on Monday. China Suspends Sanctions On Hanwha, Port Fees On US Vessels The suspension of the sanctions, which were imposed on October 14, has been put into effect immediately. Seoul-listed shares of Hanwha Ocean rose 2.21% to KRW 1,29,600 ($89.15), following the announcement. China had initially imposed sanctions on five U.S. subsidiaries of Hanwha Ocean over their alleged involvement in a U.S. probe into China’s shipping industry. The sanctioned entities included Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp. This move was seen as a response to the U.S. scrutiny of China’s shipping industry. Chinese individuals and entities had been prohibited from conducting any business with these companies. Additionally, China has decided to suspend port fees levied on U.S.-linked vessels for a year, its transport ministry said on Monday. See Also: TSMC Chief CC Wei Says Nvidia CEO ‘Wants More Chips’ As Jensen Huang Enjoys Hotpot In Taipei And Praises The Taiwanese Foundry: ‘No TSMC, No Nvidia’ China Resumes US Wheat Imports, Eases Tariffs This suspension comes amid a series of recent trade-related developments involving China. On November 6, China resumed its U.S. wheat purchases after a year-long pause, following a meeting between the leaders of the two countries. This was seen as a positive sign for the trade relationship between the two nations. This is China's first U.S. wheat purchase since October 2024 and is viewed as a positive development in bilateral trade relations. The move follows China's decision to ease tariffs on U.S. goods and remove 15% farm levies after a trade truce, while the U.S. reciprocated by cutting fentanyl-related tariffs on China by 10%. READ NEXT: China’s October Exports Unexpectedly Drop As US Trade Slows Amid Trump Tariff Tensions Image via Shutterstock
