Technology This American Cargo Ship Is Racing to China to Beat a Huge New Tariff on the Soybeans it's Carrying
Despite Beijing's threats, some American goods 'appear inevitable' for China
Some American commodity products, like soybeans and liquefied natural gas, are poised to still find buyers in China even if trade tensions escalate.A wave of Chinese tariffs on U.S. goods is set to come into effect on July 6 as trade tensions between the two countries continue to intensify.
A ship carrying U.S. soybeans is steaming toward northern China in a race to beat a 25 percent tariff.
Peak Pegasus is expected to arrive in Dalian on Friday, the same day that China is scheduled to impose tariffs on imports from the U.S., according to shipping data compiled by Bloomberg and a person familiar with the matter. If it arrives as scheduled, it should be able to clear customs before the tariffs are imposed, according to the person, who asked not to be identified because they’re not authorized to speak to the media. Ship-tracking data currently shows it arriving at about 5 p.m. local time.
Trump has attacked Canada, Europe, and Mexico for their trade barriers — here's how tariffs in every country measure up
President Donald Trump defends his new tariffs by claiming other countries are "taking advantage" of the US. But other major economies do not maintain much higher tariff levels than the US. The US, Australia, Canada, and Japan all have average applied tariff levels under 5%, while the European Union and Mexico are not much higher.The US is more protectionist by other trade measures than its allies.President Donald Trump has said that the current trade battles with key US allies are necessary because other countries are "taking advantage" of the US.
China plans to impose tariffs on $34 billion of American imports — including soybeans — from July 6 in retaliation against a raft of duties set to be imposed by the U.S. on the same day. Neither country specified a time when they announced the tariffs and China has said it won’t impose the taxes before the U.S. Beijing is 12 hours ahead of Washington.
Soybeans have been a key battleground in escalating trade tensions between the two countries as China is the world’s biggest importer and America’s largest customer in trade worth $14 billion last year. The Asian country is expected to cancel or re-sell U.S. soybeans due to the additional duties and purchased 19 cargoes from Brazil last week. China typically imports from Brazil at this time of year before switching to the U.S., spurring concerns about a deficit in the fourth quarter.
Chinese tariffs offer mixed impact on Canada
Bombardier Inc. stands to gain from Chinese retaliatory duties against U.S. small aircraft, but the outlook is mixed for Canada's agricultural sector. A 25 per cent tariff on aircraft weighing between 15 and 45 tonnes could prompt Chinese buyers to switch to Bombardier Global business jets from planes made by U.S. producer Gulfstream, said Richard Aboulafia of the Teal Group.
Soybeans on the Chicago Board of Trade tumbled 14 percent last month due to the escalating trade tensions. The oilseed, the most exposed of all assets to a trade war, is now a buy, according toInc. In China, soybean meal futures rose 4 percent on concerns about a possible shortage looming. China imports soybeans to process into soybean meal for its livestock industry.
Google and Facebook could be caught in the US-China trade war .
President Donald Trump's trade wars have reached Silicon Valley. The Trump administration is considering tariffs on networking equipment from China. That could spell trouble for companies that buy Chinese components for their global cloud computing operations, such as Google, Facebook and Amazon, analysts say. And chip makers such as Intel could face tariffs on computer chips. US companies often send mostly finished chips to China for assembly, testing and packaging. Those companies could pay a penalty when those chips are shipped back into the country.
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