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The United States lifted sanctions[1] on a subsidiary of COSCO Shipping Corporation Ltd., the Chinese shipping giant. Last September, the U.S. Department of the Treasury’s Office of Foreign Asset Control (OFAC) imposed sanctions on several COSCO subsidiaries for transporting Iranian crude oil in violation of the U.S. sanctions regime. The move disrupted COSCO’s regular trading patterns and put pressure on China during trade negotiations with the White House.