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China sanctioned the US units of a South Korean shipping giant and threatened further retaliatory measures on the industry, the latest in a series of tit-for-tat moves as Beijing and Washington jockey for leverage before expected trade talks.

The sanctions, targeting five US units of Hanwha Ocean Co., helped fuel a slump in global equities on Tuesday as traders dialed back hopes for an easing of tensions between the world’s largest economies. Hanwha Ocean closed down 6.2%, while shares of Chinese shipbuilders rallied.

China’s moves escalate a long-standing dispute with the US over maritime dominance. Both sides have already slapped special port fees on each other’s vessels, while the US has rallied allies — especially South Korea — to help it revive a moribund American shipbuilding industry. The battle has implications for the global economy, as vessels are responsible for moving more than 80% of international trade.

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