Trump Has China Dancing To His Tune on North Korea
President Trump has shown that he is committed to seeing the sanctions imposed on North Korea have teeth to them, and that means bringing China, North Korea’s biggest trade partner, to heel.
Following his speech to the U.N., which he called out the degenerate regime and its pursuit of nuclear missile capability, and accompanying threats to use them, the President decided to move unilaterally and use the economic influence of the U.S. to cut-off the rogue dictatorship even more by saying that anyone who does business with them at all, will not be able to do business with the U.S.
Trump issued an executive order Thursday morning that isolated Kim Jong Un, aka ‘Rocket Man’ even further than he has already been made by sanction placed upon him by the United Nations. During a news briefing following the executive order, U.S. Treasury Secretary Steven Mnuchin noted that banks doing business in North Korea would not be allowed to also operate in the United States under the new U.S. sanctions order, telling reporters,
No bank in any country should be used to facilitate Kim Jong Un’s destructive behavior. Foreign financial institutions are now on notice that going forward they can choose to do business with the United States or with North Korea, but not both.
As a Reuters news piece made clear, the President’s executive order was heard loud and clear in Beijing, as the Chinese immediately issued orders to fall into compliance with Trump’s demands—they had been prepared for the order as they had received a draft of it Monday.
China’s central bank has told banks to strictly implement United Nations sanctions against North Korea, four sources told Reuters, amid U.S. concerns that Beijing has not been tough enough over Pyongyang’s repeated nuclear tests…Chinese banks have come under scrutiny for their role as a conduit for funds flowing to and from China’s increasingly isolated neighbor.
The sources said banks were told to stop providing financial services to new North Korean customers and to wind down loans with existing customers, following tighter sanctions against Pyongyang by the United Nations.The sources said lenders were asked to fully implement United Nations sanctions against North Korea and were warned of the economic losses and reputational risks if they did not do so…
Trump stopped short of going after North Korea’s biggest trading partner, China, and praised its central bank for ordering Chinese banks to stop doing business with North Korea.
Frustrated that China had not done more to rein in North Korea, the Trump administration considered new sanctions in July on small Chinese banks and other firms doing business with Pyongyang, two senior U.S. officials told Reuters.
It seems President Trump has decided to start wielding the sizable “Big Stick” that is U.S. economic strength on the world stage and China is thus far responding.
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