by:
Martin Walsh
President Donald Trump has worked tirelessly to quell the aggression from North Korea since he took office in January.
While he has divvied out a slew of statements assuring the rogue
regime he wouldn’t hesitate to use military force should Kim Jong Un
launch a missile of any kind toward the U.S. or its allies, it appears
Trump may have just scored a massive diplomatic win with China.
Japan’s Kyodo News
reported Monday
night that Chinese state-operated banks have agreed to suspend
transactions through accounts held by North Koreans, meaning the two
countries would no longer be allowed to do business with one another.
Kyodo News also reported that three large state banks — The Bank of
China, China Construction Bank and Agricultural Bank of China — have
suspended North Koreans from having access to accounts.
The accounts are not frozen, meaning North Korea can still withdraw
funds from them, but it underscores that China is joining the fight to
suppress North Korea financially until they agree to giving up their
nuclear program.
“This is being influenced by international sanctions against North Korea,” an employee from one bank
said.
The UN Security Council unanimously voted to place sanctions against
North Korea on Monday after the regime carried out its sixth and most powerful nuclear test.
In light of the economic sanctions, China had an obligation to impose
financial restrictions on North Korea. Banking restrictions from China
are a
major win for the White House given Trump has spent months asking China to become more serious about deterring the hostile regime.
More importantly, China accounts for roughly 90 percent of North Korea’s trade, and serves as its major oil supplier.
Economic sanctions have devastated North Korea’s crude oil and
gasoline sales and will cripple their economy so long as they continue
to threaten the U.S. and its allies.
Eventually, Kim Jong Un
will be forced to either allow his country to go bankrupt or he will
adhere to the rules of the UN. China working with the U.S. to supervise
the
aggressive dictator should yield tangible results.
By using the
policy of containment, the U.S., China, and other regional actors can isolate North Korea from the world and force the regime to comply.
Many presidents — Obama, Bush and Clinton — have failed to combat the
nuclear hostility from North Korea; time will tell if Trump is able to
successfully pull off the incredible feat.
H/T
Zero Hedge
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