U.S. probing whether Chinese companies cut production of shipping containers before COVID pandemic
CBS News • • nation
Key Points:
- Federal authorities are investigating whether Chinese companies deliberately restricted production of shipping containers just before the COVID-19 pandemic, potentially to cut global supply and inflate prices.
- A few Chinese firms controlling most of the world's unrefrigerated shipping container manufacturing slowed production in late 2019 by limiting employee work hours, raising suspicions of a conspiracy.
- The investigation coincides with a period when global supply chains faced severe strain due to the pandemic, with container demand fluctuating sharply throughout 2020.
- Several Chinese executives have been indicted, with one recently detained in France and facing extradition to the U.S.; authorities reportedly delayed publicizing the case until after President Trump's 2023 visit to China.
- The probe emerges amid ongoing U.S.-China trade discussions, including agreements on Boeing aircraft sales and agricultural imports announced during President Trump's visit to Beijing.