USA considers new sanctions on Chinese banks to address North Korea threat

Posted July 15, 2017

China has not yet responded to the draft, but as the Chinese government emphasized solution through "dialogue" at the UNSC emergency meeting held immediately after the test launch, it seems likely that the USA and China will have difficulty in reaching an agreement on additional sanctions against the North. Russia has also expressed its opposition to additional sanctions on North Korea, making it even more hard for the UNSC to agree on "punitive measures" against the belligerent state.

According to the statement, North Korea also urged the United States to think of Pyongyang's strategic position, instead of exerting pressure and introducing sanctions against the country.

North Korea's multiple missile tests in recent months, culminating with its first-ever successful launch last week of an intercontinental ballistic missile capable of reaching Alaska, has alarmed the global community and presented Trump's first major foreign policy test.

Tensions rose after North Korea's test this month of an intercontinental ballistic missile that could reach the USA mainland. The United States slapped an initial round of sanctions on Chinese firms who help prop up Pyongyang in late June - a departure from a traditionally cautious approach to ratcheting up pressure on North Korea's main source of support. Still, after meeting with President Xi Jinping on the sidelines of the Group of 20 summit on July 8, Trump tweeted they'd had had an "excellent" meeting on trade and North Korea.

China is nervous about a nuclear armed North Korea. China has been taking measures to revitalize North Korea's economy through humanitarian and civilian exchanges despite suspending coal imports.

President Trump and administration officials have grown increasingly irritated that China has not done more to rein in North Korea's nuclear and missiles programs, despite public pressure from the U.S.

On Thursday, a Chinese official confirmed that China is doing trades with the isolated North Korea. Imports from North Korea fell 13 percent.

"China customs have all along fully, accurately, conscientiously and strictly enforced relevant Security Council resolutions", Huang declares.

"Make no mistake, the Security Council's sanctions on [North Korea] can not be equated with all-encompassing economic sanctions". Total trade increased 10.5 percent to $2.55 billion during the period.

Professor Park Jong Cheol of Gyeongsang National University told Daily NK that, "China agreed to every UNSC resolution adopted after North Korea's fourth and fifth nuclear tests".

Many people in Asia-Pacific countries have negative views of North Korea.

From his perch on the U.S. Senate Foreign Relations Committee, U.S. Sen.