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A new Chinese megaport on the coast ofChancay, Peru, stands to threaten U.S. trading influence with resource-rich South America. China Ocean Shipping Group, the port’s majority owner also known as Cosco, expects to open the massive facility later this year, Bloomberg reported. The port is expected to bolster trade between Asia and South America for a variety of commodities and goods, including electric vehicles. The U.S. is concerned this huge port could become South America’s first global trade hub that will allow China to further control the continent’s resources, deepen influence with the U…

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