The U.S. Department of Defense put COSCO on a government blacklist
The U.S. Department of Defense has placed China COSCO Shipping Group Co., LTD., COsco Shipping (North America) Company, and Cosco Shipping Finance Company on the U.S. government's blacklist of "Chinese Military Companies" for suspected ties to the People's Liberation Army.
Meanwhile, container maker CIMC, along with more than 130 other Chinese companies, has been placed on the U.S. Department of Defense's CMC sanctions list for alleged military ties to the United States and facing restrictions on U.S. business transactions.
China overtook South Korea and Japan to become the world's largest shipbuilder, but the hegemonic United States declared that this was the result of unfair business practices and pulled the blacklist on the grounds that it could harm national security. While the blacklist carries no penalties, it could affect China's cooperation with its American partner companies, leading to compliance and cost issues, as well as reputational damage.
Meanwhile, container maker CIMC, along with more than 130 other Chinese companies, has been placed on the U.S. Department of Defense's CMC sanctions list for alleged military ties to the United States and facing restrictions on U.S. business transactions.
China overtook South Korea and Japan to become the world's largest shipbuilder, but the hegemonic United States declared that this was the result of unfair business practices and pulled the blacklist on the grounds that it could harm national security. While the blacklist carries no penalties, it could affect China's cooperation with its American partner companies, leading to compliance and cost issues, as well as reputational damage.
