United States to Impose New Sanctions on Chinese Banks Over North Korea Ties

Jul 15, 2017, 00:34
United States to Impose New Sanctions on Chinese Banks Over North Korea Ties

China is buying less from North Korea as it implements United Nations sanctions aimed at reining in the nuclear ambitions of Mr Kim Jong Un, according to a Chinese Customs official.

For China, the increasing numbers on its trade relations with North Korea does not necessarily mean that the country is failing to follow the resolutions imposed by the United Nations.

Last Wednesday, July 5, U.S. President Donald Trump expressed that China is not doing enough to pressure North Korea after its intercontinental ballistic missile tests.

Pyongyang's state media said last week's test successfully verified the atmospheric re-entry of the warhead loaded on the test-launched missile, which experts fear may be able to reach Alaska.

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It is also possible that the United States will introduce strengthened unilateral sanctions on North Korea as it becomes clear that China and Russian Federation will veto further UNSC sanctions.

President Xi reaffirmed that the "blood brotherhood" between China and North Korea remains strong during talks with South Korean President Moon Jae In ahead of the summit with President Trump.

"I'm introducing a legislation that will create a global embargo against North Korea to shut off access to the United States financial systems and the systems and sources of trade that wish to continue to do business with North Korea", Gardner said in a statement.

China announced in February the suspension of coal imports from the North, striking a blow at a major source of income for the hermit state.

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Trump has sought to persuade China, North Korea's largest economic and trade partner by far, to use its leverage over its rogue neighbor to scale back its missile program - as have American governments for years.

Huang Songping, spokesman of General Administration of Customs, said on Thursday at a Beijing news conference that China's total imports from the DPRK amounted to US$880 million in the first six months of this year, a year-on-year drop of 13.2 percent. Imports from North Korea are declining every month beginning March. "Simple accumulated data can not be used as evidence to question China's severe attitude in carrying out UN Security Council resolutions", Huang told a news briefing.

The UN sanctions allow trade in items considered "exclusively for livelihood purposes".

Many people in Asia-Pacific countries have negative views of North Korea. Almost two-thirds of Americans (64%) say the US should use military force to defend its allies in Asia in the event that they get into a serious military conflict with North Korea.

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