US-China Trade Tensions Erupt Over Shipping, Triggering Stock Losses

The US-China trade war needle is pointing toward red again after Beijing sanctioned American entities of a South Korean shipping giant and threatened more retaliatory measures in response to US curbs on its own shipping sector.

The sanctions, targeting five US entities of Hanwha Ocean, triggered a slump in global stocks as traders dialed back hopes for an easing of tensions between the world’s largest economies. China’s moves escalate a long-standing dispute with the US over maritime dominance. Both sides have already slapped special port fees on each other’s vessels, while the US has rallied allies — especially South Korea — to help it revive a moribund American shipbuilding industry.