A ship carrying soybean from the west coast of the United States raced ahead to reach China before 6 July when China would begin to impose its retaliatory tariffs against the United States. However, it didn’t make it in time, reports Bloomberg.
The Peak Pegasus, a bulk carrier was due to arrive in Dalian at 5 pm local time on Friday but slowed down 25 miles away from its destination at 4.25 pm.
Soybeans form a major chunk of the trade between the United States and China with the former being the world’s largest exporter and the latter being the world’s largest importer. Soybean trade was valued at $14 billion last year. China usually imports some soybean from Brazil before switching over to the United States but due to the ongoing trade war and that fact that it bought 19 cargoes worth of Soybean from Brazil, it may either cancel further imports or resell existing American produce.
The Peak Pegasus is currently docked in the harbour near Dalian.
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