China sanctioned the US units of a South Korean shipping giant and threatened further retaliatory measures on the industry, the latest in a series of tit-for-tat moves as Beijing and Washington jockey for leverage before expected trade talks.
The sanctions, targeting five US units of Hanwha Ocean Co., helped fuel a slump in global equities on Tuesday as traders dialed back hopes for an easing of tensions between the world’s largest economies. Hanwha Ocean closed down 6.2%, while shares of Chinese shipbuilders rallied.
