China unloads U.S. soybean cargo amid public worries about cost of trade war

BEIJING (Reuters) – A vessel carrying U.S. 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 percent 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… continue reading

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