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The Obama administration had no problems with OOCL signing a 40-year lease with the City of Long Beach in 2012 for control of America's second largest and most automated container handling operation. The sweetheart deal was part of the "Middle Harbor Redevelopment Program" to fund a $1.5-billion expansion through 2020.
But one of the first major actions of the Trump administration's Department of Homeland Security in March 2017 was issuing a "Committee on Foreign Investment in the U.S." national security hold on Cosco's acquisition of a former U.S. Navy port facility.
Cosco Shipping Units to Sell U.S. Long Beach Container Terminal for $1.78 Billion
The sale by the unit of China-based Cosco Shipping Holdings Co. is being undertaken pursuant to the National Security Agreement entered into by Orient Overseas, fellow Cosco Shipping unit Faulkner Global Holdings Ltd., the U.S. Homeland Security Department and the U.S. Justice Department last July. Under that agreement, Orient Overseas had committed to divest itself of ownership of the Long Beach Container Terminal business.
As part of the sale, Orient Overseas Container Line Ltd., a unit of Orient Overseas, will enter into a 20-year Container Stevedoring and Terminal Services Agreement with LBCT LLC, which operates the Long Beach Container Terminal. The completion of the sale will be subject to approvals from the relevant regulatory authorities and other customary conditions, Orient Overseas said.
It was a terrible deal to begin with.
Calling President Trump a traitor after what obuma/biden did is total bullcrap. oubma and hands on biden need to be investigated along with killery
I always enjoy American Thinker citations, they're great for a game of "spot the half-truths".
It's not "the Port of Long Beach" although that sure sounds great, it's one of six container terminals in Long Beach. Also, it was a lease, nothing was actually sold. I know, details.
OOCL has operated terminals in Long Beach for decades before 2012. And OOCL could have happily carried on operating, because they're they're not Chinese, they're based in Hong Kong. (Yes, there's a difference.)
However, the larger shipping conglomerate Cosco - who are Chinese - wanted to take on a controlling role on OOCL. And, in order to do so, divested itself of the terminal.
In other words, the 2012 deal was a continuation of a long-existing business relationship, done with a non-Chinese company and would have been perfectly legal within the new set of Trump regulations, if not for the take-over of OOCL. And no US president was involved in the transaction.
Not sure why anyone would call it a "terrible deal", seemed like both parties were happy - but I guess that's subjective.
I always enjoy American Thinker citations, they're great for a game of "spot the half-truths".
It's not "the Port of Long Beach" although that sure sounds great, it's one of six container terminals in Long Beach.
OOCL has operated terminals in Long Beach for decades before 2012. And OOCL could have happily carried on operating, because they're they're not Chinese, they're based in Hong Kong. (Yes, there's a difference.)
However, the larger shipping conglomerate Cosco - who are Chinese - wanted to take on a controlling role on OOCL. And, in order to do so, divested itself of the terminal.
In other words, the 2012 deal was a continuation of a long-existing business relationship, done with a non-Chinese company and would have been perfectly legal within the new set of Trump regulations, if not for the take-over of OOCL. And no US president was involved in the transaction.
Not sure why anyone would call it a "terrible deal", seemed like both parties were happy - but I guess that's subjective.
It is apparently too complicated a thing for a Trump supporter to comprehend. Much easier to blame Obama for not seeing what was going to transpire after he continued the previous agreement.
Um, China doesn't own that port. And Presidents have nothing to do with foreign companies leasing in the U.S. Essentially nothing in that article is accurate.
Um, China doesn't own that port. And Presidents have nothing to do with foreign companies leasing in the U.S. Essentially nothing in that article is accurate.
Do i need to explain? Probably doesn't matter.
Again, I wonder if the OP intentionally put a whopper in the headline and is hoping for rebuttal posts to keep the agitprop at the top of the forum. In which case, well played.
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