14/08/2018 07:26 AST

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

Ticker Price Volume
STC 80.00 582,963
Index Closing Change
NIKKEI 225 21,857.43 -440.65 (-1.97%)
DAX 12,358.74 -65.61 (-0.52%)
S&P 500 2,821.93 -11.35 (-0.40%)
Global shares rise as investors watch trade war


Global stock markets recovered some further ground Monday after last week’s turbulence when ongoing concerns about a trade war between the US and China and an array of worries about waning growth acr

Arab News

China’s economy cools further, investment growth at record low


China’s economy is showing further signs of cooling as the US prepares to impose even tougher trade tariffs, with investment in the first seven months of the year slowing to a record low and retail s

Arab News

Trade war threatens reign of luxury stocks


An escalating trade war between the United States and China could abruptly end a glittering stock market run for luxury goods firms, with some investors already put off by lofty valuations in a secto

Gulf News

Global airline passenger traffic accelerates in June


The International Air Transport Association (IATA) announced global passenger traffic results for June showing that demand (measured in total revenue passenger kilometers or RPKs) rose by 7.8% compar

Saudi Gazette

Trump’s trade war with China may backfire


A key objective of President Donald Trump’s trade war is to pressure Beijing to “buy American”, but when it comes to millions of dollars of US meat imports, China may simply take its business elsewhe

The Gulf Today