According to a
published report by Reuters,
Chinese banks received a document from U.S. Treasury Secretary Steve Mnuchin on
Monday. One week earlier, the United
Nations Security Council approved a new resolution against Pyongyang; the ninth set of sanctions.
The contents of the document
are as yet unknown but are suspected to include economic sanctions on China
cutting off Beijing’s access to the U.S. financial system.
Chairman of the House
Foreign Affairs Committee, Ed Royce (R-CA) said, “We need to use every ounce of
leverage…to put maximum pressure on this rogue regime,” adding that “time is
running out.” Royce also called on Washington to target major Chinese banks,
including the Agricultural Bank of China and the China Merchants Bank for
dealing with Pyongyang.
Royce also said, “It’s
been a long, long time of waiting for China to comply with the sanctions that
we pass and, frankly, with the sanctions that the United Nations passed.”
The committee chair
went on to say the U.S. could give Chinese banks and companies “a choice
between doing business with North Korea or the United States.” He added that
the U.S. should also “go after banks and companies in other countries that do
business with North Korea the same way.”
After four days of
high-level meetings between the United States and several southeast Asian
countries, President Trump announced at a luncheon with South Korea’s Moon
Jae-In and Japan’s Shinzo Abe that China’s Central Bank instructed its
financial institutions to stop doing business with North Korea, an action that
is certain to have devastating financial consequences for the rogue regime.
As President Trump
announced his newest executive order on Thursday he praised China’s president
Xi Jinping for the “very bold move.” “Our
new executive order will cut off sources of revenue that fund North Korea’s
efforts to develop the deadliest weapons known to humankind,” Trump said. He
added that the U.S. seeks the “complete denuclearization of North Korea.”
Han Tae Song,
Pyongyang's ambassador to the United Nations, was scheduled to address the
United Nations General Assembly on Friday but has delayed that speech. No doubt the DPRK has been left thoroughly discombobulated
over the forces being amassed against them and are feverishly referring to a
thesaurus to top yesterday’s insult of comparing President Trump to a “barking
dog”.
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