Ship carrying US soybeans docks after circling off China for months

Ship carrying US soybeans docks after circling off China for months
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A ship carrying 70,000 tons of U.S. soybeans docked in a northern Chinese port after circling off the coast for over a month, according to Reuters.

The Peak Pegasus had reportedly hurried to China last month in attempt to reach port before the enforcement deadline of a tariff on soybeans. Instead, the ship arrived on July 6, right as Beijing set down 25 percent tariffs on $34 billion worth of U.S. goods, including soybeans.

Louis Dreyfus, the global merchant that owns the Peak Pegasus’s cargo, paid $12,500 a day for the ship to circle along the Chinese coast, according to The Guardian, meaning the company is looking at a cost of about $460,000 for the vessel's time off the coast, in addition to the cost of the Chinese tariffs.

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Two other ships carrying U.S. soybeans, Star Jennifer and Cemtex Pioneer, are reportedly still anchored off the Chinese coast. Star Jennifer began moving Sunday, Reuters reported, citing shipping data, but it was unclear where it was heading.

Soybeans are the top U.S. agricultural export to China and the 2017 trade was worth $12.7 billion, the news service noted.

China leveled its 25 percent tariffs in retaliation against U.S. tariffs on Chinese products, as part of a growing trade war between Washington and Beijing.

Last Tuesday, the Trump administration announced it would hit Beijing with $16 billion in tariffs on Chinese goods. One day later, China responded with tariffs on U.S. imports that reached the same cost.