Chinese companies probed over cuts to shipping container production before pandemic
Summary
U.S. authorities are investigating whether several Chinese companies reduced the production of shipping containers in late 2019 to limit supply and raise prices before the COVID-19 pandemic started. Some Chinese executives connected to these companies have been indicted, and one was recently detained in France, with plans for extradition to the U.S.Key Facts
- The investigation focuses on Chinese firms that make most of the world’s shipping containers.
- In late 2019, these companies cut workers’ hours, possibly to reduce container production deliberately.
- This happened just before the global supply chain faced big problems due to COVID-19.
- The shortage of shipping containers in 2020 caused difficulties in meeting demand for imports.
- Several Chinese executives have been formally charged (indicted) by U.S. authorities.
- One Chinese executive was arrested in France and may be sent to the U.S. for trial.
- The U.S. Department of Justice delayed announcing the case until after President Trump’s recent visit to China.
- During the visit, President Trump and Chinese President Xi agreed to strengthen economic and trade relations, including deals for Boeing planes and agricultural products.
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