China announces countermeasures against five US-linked subsidiaries of Hanwha Ocean

China's Ministry of Commerce on Tuesday announced the decision to take countermeasures against five U.S.-linked subsidiaries of Hanwha Ocean, a leading shipbuilding enterprise from the Republic of Korea.

These countermeasures, which took effect on Tuesday, were adopted to counteract the U.S. Section 301 investigation measures aimed at China's maritime, logistics and shipbuilding sectors, which seriously violates international law and the basic norms governing international relations and severely undermines the lawful rights and interests of Chinese companies, the ministry said in a statement.

The five U.S.-linked subsidiaries of Hanwha Ocean subject to these countermeasures are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp., according to the ministry.

Organizations and individuals within China are prohibited from engaging in any transactions, cooperation or related activities with these entities, the ministry said.

In response to a media query on these countermeasures, a spokesperson for the ministry said that China deplores and rejects the five subsidiaries' actions of assisting and supporting the U.S. government to conduct the Section 301 investigations against China's maritime, logistics and shipbuilding sectors.

To safeguard its own sovereignty, security and development interests, and in accordance with relevant laws and regulations such as the Anti-Foreign Sanctions Law, China has decided to include these five U.S.-linked subsidiaries of Hanwha Ocean in its countermeasure list, with the approval of the national coordination mechanism for anti-foreign sanctions, the spokesperson said.

The spokesperson stressed that China urges the U.S. side and relevant companies to respect facts and multilateral economic and trade rules, adhere to the principles of market economy and fair competition, rectify their erroneous practices as soon as possible, and stop harming the interests of China.

China announces countermeasures against five US-linked subsidiaries of Hanwha Ocean

Nigeria's fuel market is undergoing a rare shake-up as competition pushes prices lower, bringing relief to local consumers while raising concerns over business durability.

In the capital city of Abuja, the state oil firm Nigerian National Petroleum Company (NNPC) has been selling petrol at about 815 naira per liter (about 0.57 U.S. dollars per liter), down from about 0.66 U.S. dollars per liter earlier in 2026. Other stations supplied by private giant Dangote are offering even lower prices, selling at around 750 naira (about 0.53 U.S. dollars) per liter.

For millions of Nigerians, the drop has been easing pressure on transport, food and daily living costs.

"I spend relatively lower on fuel and, by implication, transportation now than what it used to be," said Salifu Usman, a local resident in Abuja.

"We are happy with what we are seeing, because, of course, for a very long time, we are witnessing the crash down of price, even during festive period," said Jonathan Madaki, another resident.

The price cut has also allowed for higher profit margins for local small business operators, who have long relied on petrol-powered generators to cope with chronic power shortages.

Behind the price cuts is a growing battle for market share. The Nigeria-based Dangote Refinery, the largest in Africa, has boosted domestic supply and slashed its wholesale price to around 700 naira (about 0.49 U.S. dollars) per liter.

The move has forced importers and the state oil company to lower their own prices to stay competitive. But as margins shrink, analysts warn, what now appears to be a price war may not last.

"My own interpretation is that we are going to that stage where, especially those that, if it keeps coming down, I think those that bring in products may find it not so attractive again. So I don't actually see how sustainable this price war, if I may use that term, will be," said energy expert Paul Ogwu.

Nigeria petrol price cuts ease living costs, raise durability concerns