Trade War Strands Ship With $20 Million In U.S. Soybeans Off China

A ship packed with $20 million in American soybeans has been chugging in circles off the coast of China after failing to beat the imposition of retaliatory tariffs in the nation’s trade war with the Trump administration. The Peak Pegasus, owned by JP Morgan Asset Management, raced to China hoping to clear customs before China slapped a 25 percent tariff on U.S. soybeans to strike back against Trump administration tariffs. It was scheduled to unload about 77,000 ton of U.S. soybeans in the northern Chinese port of Dalian on July 6. But it arrived too late and has been idling in the Yellow Sea ever since. It missed the deadline by just hours.