China sanctioned the U.S. units of a South Korean shipping giant and threatened new retaliatory measures against the industry, the latest in a series of retaliatory measures as Beijing and Washington vie for influence ahead of expected trade talks.
The sanctions, targeting five U.S. subsidiaries of Hanwha Ocean Co., fueled a slide in global stocks on Tuesday as traders downgraded their hopes for an easing of tensions between the world’s largest economies. Shares of Hanwha Ocean fell 8%, while shares of Chinese shipbuilders recovered.
