USA to Impose New Sanctions on Chinese Banks Over North Korea Ties

USA to Impose New Sanctions on Chinese Banks Over North Korea Ties

USA to Impose New Sanctions on Chinese Banks Over North Korea Ties

Trump has been preoccupied with allegations of Russian involvement in his victory over Hillary Clinton in the presidential election.

Senior US officials say that a new round of sanctions related to North Korea is imminent. North Korea even refused to abide by its own statements. However, this is an unsustainable balancing act as North Korea is extremely unpredictable and unreliable. An interceptor based in Alaska shot down an intermediate-range target launched over the Pacific Ocean north of Hawaii. They have been playing the United States for years.

Getting China's help on passing United Nations resolutions and then putting unilateral sanctions on China was like "abandoning one's benefactor upon achieving one's goal", Geng added.

Trump, the Times reports, wants to take measures against China that "would spur Mr. Xi to reconsider his reluctance to press the North".

Trump has previously threatened in a tweet to take more economic action to pressure Beijing to help rein in aggression from Pyongyang. Half or more in each country say they are somewhat or very concerned about the nuclear program.

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In spite of Trump's likely frustration with China, Trump called its president a "friend" and "great leader", for whom he had "great respect". President Xi Jinping was apparently unimpressed with Trump's warning, but Xi has often expressed displeasure with the North's stubborn defiance against his government. China also claims that Taiwan is really part of China, and not a separate country, and some fear that one day China may try to enforce its claim.

Meanwhile, the U.S. ambassador to the United Nations, Nikki Haley, has been seeking to overcome resistance from China and Russian Federation to a UN Security Council resolution imposing stiffer global sanctions on Pyongyang.

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FYI, China has repeatedly said North Korea is not their problem.

North Korean iron tends to be of higher quality than the ore found in China, according to Sabrin Chowdhury, a commodities analyst with BMI Research in Singapore. Distrust heightened between the countries when the U.S. discovered this betrayal in 2002.

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"Trade between China and North Korea grew nearly 40 percent in the first quarter".

But Russia isn't the only country employing North Korean laborers - Qatar and China have also joined in the practice. The Security Council approved a resolution in November that exempted transactions in iron and iron ore intended "exclusively for livelihood purposes". "That is not going to happen".

U.S. Ambassador to the United Nations Nikki Haley discussed how the U.S. would deal with increasing tensions with North Korea during a U.N. Security Council meeting earlier in July.

In this background, fireworks were expected in the meeting between the U.S. and Chinese Presidents when they met at Hamburg for the G-20 summit. It would benefit all parties if China could re-strategise its policy vis-à-vis the Korean peninsula, and attempt to utilise its leverage over North Korea instead of lashing out against South Korea.

President Trump faces a serious challenge to his credibility. However, China has not done enough in terms of controlling North Korea's conduct.

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