A Ship Full of Soybeans is Racing to Beat Tariffs (Update: It Didn't Make It)

UPDATE (July 7, 2018 at 2.27pm): The soybeans didn't make it in time; the ship was spotted 40 kilometers away from its final destination at around 4.25pm on July 6.

An American cargo ship carrying soybeans is currently racing towards China to beat 25 percent tariffs expected to be announced later today.

Bloomberg reports that Peak Pegasus is scheduled to arrive in Dalian at 1pm today, the same day that the United States and China are expected to slap a new round tariffs on each other's imports. If all goes according to plan, Peak Pegasus will make it just in time to clear customs before the tariffs go into effect.

The US is expected to announce a new series of duties on products from the Middle Kingdom at 12.01pm today (midnight in the US), to which China will likely retaliate with tariffs on American goods. It's unclear exactly when exactly China's retaliatory tariffs will be officially implemented. The new tariffs come amid rising trade tensions between the two countries.

Soybeans are among China's targeted imports, and local firms are already said to be gearing up to cancel their soybean shipments from the US. 

You can track Peak Pegasus' live movements here. The ship was most recently spotted just off the coast of South Korea.

Hurry, soybeans!