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Trump Rids Major U.S. Container Port of Chinese Control

Trump Rids Major U.S. Container Port of Chinese Control | 08 Oct 2019 | Under a long-term deal sealed by the Obama administration, a Chinese state-owned company, was set to control the second-busiest container port in the United States. In an unreported Trump administration victory, the Chinese are out after a drawn-out national security review forced a unit of China-based COSCO Shipping Holdings Co. (Orient Overseas Container Line--OOCL) to sell the cherished container terminal business, which handles among the largest freight of imports into the U.S. It all started with a 40-year container terminal lease between the Port of Long Beach in southern California and Hong Kong. The Obama administration proudly signed the agreement in 2012 giving China control of America's second-largest container port behind the nearby Port of Los Angeles...After a national security review and federal intervention, the Long Beach terminal business, which handles millions of containers annually, is finally being sold to an Australian company called Macquarie Infrastructure Partners.