Trump appears to grant China banks sanctions reprieve after United Nations deal
Aug 12 2017 by Desiree Burns
A new US-drafted United Nations resolution could cut as much as $1 billion from North Korean export revenue and could come before the Security Council for a vote as soon as Saturday.
The new Security Council resolution, UNSCR 2371, tightens existing sanctions by imposing a full ban North Korea's export of coal, iron, seafood and other items to other countries; expands the list of individuals and entities subject to an asset freeze; and prohibits countries from increasing the number of North Korean laborers they employ - laborers whose earnings, the USA says, boost revenues for the regime's illicit activities.
US President Donald Trumpsaid today North Korea "will be met with fire and fury like the world has never seen" if it threatened the United States again.
The United States does not seek regime change, the collapse of the regime, an accelerated reunification of the peninsula or an excuse to send the US military into North Korea, Tillerson said. The North has learned through decades of US efforts at isolation how to circumvent commercial and financial restrictions, and reluctant powers like China and Russian Federation have often proven half-hearted partners when it comes to policing their ally.
On Tuesday, the Washington Postreported that according to the latest USA intelligence assessment, North Korea has "successfully produced a miniaturized nuclear warhead that can fit inside its missiles, crossing a key threshold on the path to becoming a full-fledged nuclear power".
The UN Security Council on Saturday imposed its toughest round of sanctions yet against Pyongyang over its two intercontinental ballistic missile tests in July. "They want stability. They don't want to bring about the possibility of state collapse in North Korea, they don't want refugees streaming across the border and the last thing they want is a unified Korean state that will be closely allied to the United States, which would likely happen".
The media, for all its elitist snorting at Trump's "Twitter diplomacy" and his shunning of Obama's "nuance", are now facing an awkward conclusion for their editorial boards-Trump's tough line on China just gained him an enormous victory on the world's stage, and handed China a humiliating defeat. Now comes the hard part: making them stick, and fast. "We will not put our nuclear and ballistic missiles on the table". USA sanctions signed by President Donald Trump a few days earlier also target North Korea's human rights abuses and enforce United Nations shipping sanctions against North Korea.
The United States has unsuccessfully lobbied for the 27 members of the ASEAN Regional Forum to suspend North Korea's membership.
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On the currency markets, the pound slipped 0.1% against the dollar to $1.2968 but rose 0.1% against the euro to 1.1034 euros. Investors instead turned to safe-haven assets such as gold , pushing it to a two-month high, and the Japanese yen rose.
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But Guam's governor said Thursday he supported Trump's stern warning to North Korea, saying "I want a president that says that". Referring to an "imminent missile threat", it includes advice like: "Do not look at the flash or fireball - it can blind you".
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Chinese Foreign Minister Wang Yi, meeting with North Korea's top diplomat during the gathering in Manila, issued an uncharacteristically strong warning to the country. Furthermore, they ban any new joint business ventures with the North Korean regime, as well as fresh investment into such existing ventures.
At the ASEAN meeting, Tillerson also met with Russian Foreign Minister Sergey Lavrov on the sidelines, their first encounter since new US sanctions on Russia were approved overwhelmingly by Congress and signed into law grudgingly by Trump.
North Korean leader Kim Jong Un waves during a military parade in Pyongyang, North Korea.
But Pak expressed skepticism toward a potential meeting between the two ministers, while Ri continued to evade repeated questions from the press.
About 35 percent of those surveyed by CBS News say they are confident in the president's ability to handle the North Korean situation. Earlier Pyongyang said it was ready to give Washington a "severe lesson" with its strategic nuclear force in response to any USA military action.
Jay Lefkowitz, a former USA special envoy on human rights in North Korea, said China's efforts were encouraging but he questioned the value. -South Korea drills begin.
Tillerson appeared extremely satisfied with the resolution.
"The North Korean regime is going to have to make a choice", Anthony Ruggiero, an expert in North Korean sanctions, tells CBS News. He wouldn't give a concrete timeframe but said that the USA would "know it when we see it".