A U.S. cargo ship containing soybean exports bound for China is steaming toward the country in hopes of beating a 25 percent tariff on U.S. soybeans expected to be implemented Friday.
Bloomberg reports that the ship, Peak Pegasus, is expected to arrive in China at 5 p.m. local time the same day, just barely beating the tariff announced by Chinese authorities last month in a retaliatory tariffs package.
If the ship arrives on time, it will be allowed to clear customs before the hefty tariffs on U.S. exports go into effect, according to a person familiar with the cargo. China announced the measures targeting soybeans last month along with duties on electric cars, orange juice, whiskey, lobsters, salmon and cigars.
China’s retaliatory moves, which total $34 billion in tariffs, are expected to go into effect Friday at the same time as U.S. tariffs announced by the Trump administration to counter intellectual property theft and unfair trade practices.
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