MNI BRIEF: China Lifts Countermeasures On U.S. Hanwha Ocean

China will suspend countermeasures against five U.S.-related subsidiaries of Hanwha Ocean Co. for one year, the Ministry of Commerce announced on Monday.

The decision follows the U.S.’s move to suspend for one year the implementation of its Section 301 investigation measures targeting China’s maritime, logistics, and shipbuilding industries, the notice said.

The meeting between Chinese leader Xi Jinping and U.S. President Donald Trump in South Korea will reset the two nations’ volatile relationship, a senior Chinese advisor recently told MNI. (See MNI INTERVIEW: China To Seek Long-Term US Deal)