The United Nations Security Council just voted 15-0 to sanction North Korea. China and Russia voted with us. Very big financial impact!— Donald J. Trump (@realDonaldTrump) August 5, 2017
Zero Hedge: Unexpected North Korea Breakthrough Delays Trump Trade War With China (For Now)
A global punitive campaign on North Korea propelled by sharp new U.N. sanctions - amounting to a $1 billion ban on North Korea exports - received a welcome, and unexpected, boost on Sunday from China, the North's economic lifeline, when Beijing slammed its neighbor for its ongoing missile and nuclear tests.
The Saturday sanctions agreed to unanimously in a 15-0 Security Council vote are aimed at cutting North Korean exports by about $1 billion a year, a move that would hit laborers and fishermen. Existing joint ventures would be prevented from expanding their operations. The new sanctions could cut off roughly one-third of North Korea's estimated $3 billion in annual exports, ostensibly denying the nation of funds for its weapons programs. All countries are now banned from importing North Korean coal, iron, lead and seafood products, and from letting in more North Korean laborers whose remittances help fund Kim Jong Un's regime.
Read more ....
WNU Editor: The Chinese decided to not take the chance to see if President Trump was bluffing on imposing trade penalties if China did not help the U.S. in reining in North Korea's nuclear and missile program. Unfortunately .... I think this will buy time. I do not see North Korea changing it behaviour, the Chinese are still running hundreds in billions in trade surpluses with the U.S., and there are those pesky Chinese border disputes with many of America's closest allies.
Update: Yup .... I talked to soon .... China media stress limits to North Korea sanctions, slam U.S. 'arrogance' (Reuters).
0 Response to "Has A U.S. - China Trade War Been Averted?"
Post a Comment