Trade tensions between U.S. and China are resurfacing, as China Trade Ministry announced it has sanctioned the U.S. units of a South Korean shipping giant Hanwha Ocean Co. and threatened further measures on the industry, Bloomberg’s Weilun Soon and Serene Cheong report, citing the statement from China’s government. The report notes however that Chinese officials have a chance to reduce tensions this week as Vice Finance Minister Liao Min, is attending an annual meeting of global finance ministers in Washington and has already met with members of US Treasury Secretary Bessent’s team, according to a person with knowledge of the matter.
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