Trump admin considering new sanctions on China over North Korea ties

However, some of China’s largest banks will not be affected.In June, Trump expressed disappointment with Chinese efforts to contain North Korea, having previously promised the Chinese would do more to de-escalate tensions.The US Congress is pushing for a bill meant to block companies with North Korea ties from using the American financial system amid growing calls for secondary sanctions against entities in China and elsewhere that may assist with Pyongyang’s nuclear and missile programs.The threat of further secondary sanctions on Chinese companies could complicate next week’s US-China Comprehensive Economic Dialogue, an important forum for narrowing differences between the world’s two biggest economies.But North Korean authorities are saying, “after two years, the worldwide situation will become more favorable for North Korea”, the sources said. Despite that track record, the Trump White House displayed an initial optimism, presenting North Korea as an easily solvable problem with the help of Chinese President Xi Jinping, with whom Trump had a friendly summit back in April.The text calls for kicking out from the USA banking system the businesses and financial institutions involved in a significant amount of trade in goods and services with the communist state, barring all North Korean-made products from entering the U.S. market, and sanctioning all firms engaged in labor exports.The US is also planning to impose new sanctions on Chinese firms and banks continuing to carry out deals with Pyongyang, Reuters reported on Thursday, citing top senior US officials.The US is considering adopting sanctions against Chinese firms for the nation’s failure to take a harder stance on North Korea, reports ABC news. “UN Security Council sanctions are not a total ban on shipments”.”Such actions are obstructing cooperation between China and the U.S. and lead to questions about the real intentions of the USA side”, according to a transcript of his remarks from the Chinese embassy. He referred to “tough pressures” that China faces in its relationship with North Korea.Geng: China and North Korea are neighbors, the two countries maintain normal trade and commerce dealings. “They’ve had numerous wars with Korea”.