The shipment is the first since China imposed tariffs on American soybean imports
By Diego Flammini
Staff Writer
Farms.com
China is unloading the first vessel of American soybeans since it imposed 25 percent tariffs on soybean imports as part of a trade war with the U.S.
Peak Pegasus, a ship carrying 70,000 tons of U.S. soybeans worth about US$23 million, docked at the Port of Dalian on Saturday. The crew began unloading the same day.
The ship was the focus of media attention after it departed Seattle on June 8 but failed to arrive in China before the import tariffs took effect. The vessel had been sitting idle off China’s coast for the last five weeks.
U.S. producers are encouraged by China’s decision to accept the soybeans.
“Most of us know that China imports almost half of all U.S. soybeans destined for export,” Anne Meis, a producer and director with the Nebraska Soybean Board, told Farms.com today. “We are the only farmers who can meet their soybean needs.”
China will also pay the necessary levies.
Sinograin, a state-owned grain stockpiler, will cover the costs of the 25 percent import tariff. That equals about US$6 million, Reuters reports.
China’s willingness to pay the tariffs shows that trade between Washington and Beijing needs to continue, Meis said.
“We’re going to see how this all plays out, but this is a relationship that needs to be repaired,” she said. “They need the soybeans and we grow the soybeans. It’s as simple as that.”
Two other American ships carrying soybeans, Star Jennifer and Cemtex Pioneer, are currently idling off China’s coast.
Peak Pegasus/Buggi Porschien/vesseltracker.com photo