Chinese Commerce Ministry Responds to 'Hanwha Ocean Sanctions Withdrawal' Question: "Willing to Implement U.S. Negotiation Outcomes"

China Avoids Direct Answer but Leaves Room for Withdrawal
"U.S. Section 301 Measures Also Included in Agreement"

The Chinese government did not provide a clear answer regarding the possibility of withdrawing the sanctions imposed on Hanwha Ocean's U.S. subsidiary, but left room for the possibility by emphasizing the trade agreement reached between the United States and China.

At a briefing on the 6th, He Yadong, spokesperson for the Chinese Ministry of Commerce, was asked, "Will China lift the sales ban on Micron? Will it stop the measure of placing five Hanwha Ocean subsidiaries on the 'unreliable entities' list?" He replied, "Recently, the Ministry of Commerce introduced the main outcomes and agreements of the China-U.S. Kuala Lumpur negotiations. These include issues such as fentanyl tariffs and law enforcement cooperation, agricultural trade, and the U.S. Section 301 measures on China's shipping, logistics, and shipbuilding industries."

He continued, "China and the United States have officially released documents regarding tariff adjustments," adding, "China is willing to work together with the United States to implement the outcomes of the leaders' summit and the Kuala Lumpur economic and trade negotiations." Although his remarks were indirect, there is speculation that China may consider withdrawing the sanctions targeting Hanwha Ocean.

Previously, on October 14, China placed five U.S. subsidiaries of Hanwha Ocean on a sanctions list that bans transactions with Chinese companies, citing their cooperation with the U.S. Trade Representative's (USTR) Section 301 investigation targeting China's shipping, logistics, and shipbuilding industries. The subsidiaries included Hanwha Philly Shipyard, Hanwha Shipping, Hanwha Ocean USA International, Hanwha Shipping Holdings, and HS USA Holdings.

Meanwhile, on October 30 in Busan, the leaders of the United States and China agreed to refrain from escalating the trade war, and the United States decided to suspend for one year the control measures imposed on China's shipping, logistics, and shipbuilding industries based on the Section 301 investigation.

According to the fact sheet on the U.S.-China trade agreement released by the White House on November 1, China agreed to withdraw the retaliatory measures it had implemented in response to the U.S. Section 301 investigation into China's shipping, logistics, and shipbuilding industries, as well as to lift the sanctions imposed on various shipping companies. The issue of sanctions against Hanwha Ocean was also discussed at the Korea-China summit, which was held following the U.S.-China leaders' summit.

This content was produced with the assistance of AI translation services.