On August 13, China unloaded the first shipment of U.S. soybeans with a 25 percent tariff attached. China’s state grain stockpiling company accepted the shipment, despite warnings from government officials that the country would source products elsewhere. The Chinese company will pay the tariff on the 70,000 metric ton shipment, with the tax estimated at $6 million. U.S. soybean exports to China in 2017 were worth $12.7 billion, but the trade war between the two countries has sparked concerns over how much U.S. soy China will purchase. Two other ships carrying U.S. soybeans have been anchored along China’s coast for approximately five weeks.
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