This is How China Reacted After Trump Dropped That Huge Executive Order on North Korea
The biggest story line in the ongoing “Cold War” with North Korea has been China’s willingness (read: un-willingness) to use sanctions and other levers of pressure to force North Korea to abandon its nuclear ambitions.
Finally, after months of increasing sanctions and tough negotiating, China has come on board. Just hours after President Donald Trump announced a new executive order to crack down on North Korea on Thursday, China’s national bank has instructed all Chinese banks to no-longer engage in business activities with any North Korean entity.
The action is substantial as China is North Korea’s primary trading and financing partner. Furthermore, as shown in America’s 2008 recession, it is a lack of credit that is the most harmful force to a national economy.
Trump’s executive order also sllows the U.S. to “sanction individual companies and institutions that finance trade with North Korea”.
China’s central bank has told banks to strictly implement United Nations sanctions against North Korea, four sources told Reuters, amid U.S. concerns that Beijing has not been tough enough over Pyongyang’s repeated nuclear tests. […]
The sources said banks were told to stop providing financial services to new North Korean customers and to wind down loans with existing customers, following tighter sanctions against Pyongyang by the United Nations.
The sources said lenders were asked to fully implement United Nations sanctions against North Korea and were warned of the economic losses and reputational risks if they did not do so.
Below is the video of Trump announcing the new sanctions.
— Donald J. Trump (@realDonaldTrump) September 21, 2017