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China willing to pay the price for new North Korea sanctions
13 August 2017, 03:10 | Opal Carroll
The ASEAN delegates
President Donald Trump is demanding full and speedy implementation of the new penalties.
South Korea's foreign minister joined her counterparts from the US and Japan for a meeting in the Philippines in which Tillerson touted efforts to persuade nations to stop using North Korean labor.
The Security Council has already imposed six rounds of sanctions that have failed to halt North Korea's drive to improve its ballistic missile and nuclear weapons capabilities.
"In particular, they welcomed the United Nations Security Council's unanimous adoption of the powerful new Resolution 2371 and promised to closely work together to make the global community faithfully implement it", the ministry added.
ICBM threat and North Korea's overall military strength Nuclear capable? Repeating a threat made a number of times since the recent intercontinental ballistic missiles (ICBM) tests, Ri said that all of the USA was now within striking range of Pyongyang's missiles.
At a meeting in Washington in May, U.S. Secretary of State Rex Tillerson pressed his ASEAN counterparts to fully implement and adhere to United Nations sanctions on North Korea.
With the regime's latest long-range ballistic missile tests, North Korea's Foreign Minister Ri Yong-ho was again isolated from the sole multilateral forum Pyongyang takes part in.
China, the North's principal ally and economic lifeline, agreed to fully implement the latest round of sanctions, which will slash around $1 billion (850 million euro), or roughly one-third, of the reclusive state's export revenue.
Pyongyang props up its nuclear program with income from the sale of various illegal goods, including weaponry, synthetic drugs, counterfeit currency and nuclear technology.
Wall Street tumbles on North Korea worries
Labor Department is likely to report that initial jobless claims remained unchanged at 240,000 for the week ended August 5. In Europe, equities dived with London losing 0.6 percent, while Frankfurt shed 1.1 percent and Paris fell 1.4 percent.
The most resilient customers include fellow renegade nations such as Iran, Syria, Cuba and Uganda, "whose military ties to North Korea have weathered decades and shown few efforts to cease cooperation", Berger said.
Days before the unanimous Security Council vote, Tillerson had made a point of saying the USA does not consider North Korea its enemy and does not seek to invade or unseat Kim.
"We will know it when we see it", the secretary of state said, according to CBS News. They said they were committed to providing help in implementing them. North Korea has used USA military exercises in the region as means of galvanizing its people, claiming that the exercises are dress rehearsals for an impending invasion.
China "hopes North Korea can echo this signal from the United States", Wang added.
Wang also urged the USA and South Korea "to stop increasing tensions" and said that all sides should return to negotiations.
Thornton says the USA wants to ensure that with the new sanctions, there's "not this kind of episodic back and forth that we've seen".
"It is very hard to imagine that China would have voted in favor of a resolution that would hit North Korea's economy so badly if Beijing really believed that such a resolution would be fully implemented", North Korean Economy Watch co-editor Benjamin Katzeff Silberstein wrote in a posting on the blog after Saturday's vote. Tillerson says he and the South Korean diplomat plan to discuss the sanctions during their meeting, along with next steps to pressure the North.
In the face of Saturday's United Nations sanctions, North Korea remained defiant, saying the UN's move was unwarranted and unfair.
But he applauded the Security Council vote on Twitter.
Wall Street falls on North Korea concerns
The local currency was trading at 1,145.05 won against the US dollar , down 3.05 won from the previous session's close. Shanghai posted its biggest one-day drop since December while Seoul stocks again ended deep in negative territory.
Markets Right Now: Stocks drop, led by technology companies
Penney slumped as much as 18.25 percent to a record low after the retailer reported a bigger-than-expected quarterly loss. Germany's consumer price inflation accelerated to a three-month high in July, final data from Destatis showed Friday.
FTSE 100 takes cover from war of words over South Korea
President Donald Trump said his earlier threat to unleash "fire and fury" on North Korea " maybe wasn't tough enough ". Anglo American (LON:AAL) is now leading other blue-chip miners lower, having shed 4.22 percent to 1,223.50p.