Trump administration forces China to sell the Port of Long Beach

The Trump Administration's Department of Homeland Security has forced China's state-owned Costco to sell the Port of Long Beach over security concerns.

China's Costco Shipping Holdings, which bought out its
75 percent–owned Hong Kong–based Orient Overseas International (OOCL), was forced to sell its Port of Long Beach Container Terminal ownership to Macquarie Infrastructure Partners for $1.78 billion.

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 Costco's acquisition of a former U.S. Navy port facility.

americanthinker.com/blog/2019/05/t…
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