GulfBase Live Support
A vessel carrying US soybeans was unloading its cargo worth at least $23 million at the Chinese port of Dalian on Monday, becoming one of the first shipments to incur hefty new import duties as the trade row deepens between Beijing and Washington.
The docking of the vessel after five weeks anchored off China’s coast ended long-running speculation over the fate of the cargo, which had captured public attention.
China’s state grains stockpiler Sinograin confirmed in a fax to Reuters it will pay the additional 25 per cent import tariff on its 70,000 tonne cargo of the oilseed. That equates to about $6 million.
Comments on the country’s Twitter-like Weibo showed early public support for the cargo had started to wane amid concerns that the public is footing the bill for the prolonged trade war.
“Isn’t Sinograin state-owned? Who is this tariff hurting? Eventually it is us paying the tariffs and it’s us being sanctioned!” said one user. Two posts about the ship’s arrival in dock and the extra costs generated more than 800 comments, mostly negative. “Are we imposing sanction on ourselves? Common people will have to pay for that,” said another Weibo user.
Peak Pegasus started unloading its cargo on Saturday, a port official said on Monday, more than a month after it arrived off China’s coast just hours after Beijing imposed 25 per cent import duties on $34 billion worth of US goods, including soybeans.
The penalties were in retaliation for moves by Washington as part of a tit-for-tat trade dispute between the world’s two largest economies. Last week, Washington said it would start collecting tariffs on another $16 billion worth of Chinese imports from August 23, as it tries to pressure China to negotiate trade concessions.
Beijing has said it will retaliate in kind. Soybeans, which are used to make cooking oil and animal feed, are the top US agricultural export to China, with the trade worth $12.7 billion in 2017.
Oman Daily Observer
Global trade to fall 13% this year due to coronavirus shocks, significantly less than its most pessimistic scenario of a 32% slump, the World Trade Organization's (WTO) outgoing chief has said.
Tokyo stocks closed lower on Wednesday after two days of rallies, as investors sought to lock in profits while watching corporate earnings and key US data.
The benchmark Nikkei 225 index s
The Gulf Today
Egypt has included small and medium-sized enterprises to its $6.2 billion financing initiative to help support the industrial, agricultural and construction sectors, local daily Al-Ahram online repor
British inflation fell to its lowest since June 2016 last month as the coronavirus pandemic sucked demand from the global economy and oil prices tumbled, leaving the Bank of England free to ramp up i
India's credit score moved a step closer to junk after Fitch Ratings Ltd. cut the outlook to negative, citing weak economic growth prospects and rising public debt.
Fitch said it expects e