Friday, 06 July 2018 11:28

US-China trade war begins

517 soybeans

President Trump's tariffs on $34 billion worth of Chinese goods have kicked in, escalating a war of words between the world's two largest economies into a full-blown trade conflict.  Washington's 25 percent duties went into effect at midnight EDT and affected products such as water boilers, X-ray machine components, airplane tires and various other industrial parts. China immediately retaliates with tariffs on its $34 billion list of goods issued last month, including soybeans, pork and electric vehicles. US. shipments of soybeans originally destined for China have been canceled or rerouted. One bulk carrier, Peak Pegasus, laden with US soybeans steaming toward China appears to have lost the race to arrive before the import duties were imposed. The vessel is near the port of Dalian, according to ship-tracking data. The oilseed, used to make cooking oil and animal feed, accounts for about 60 percent of the US’s $20 billion of agricultural exports to China.

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