Unexpected North Korea Breakthrough Delays Trump Trade War With China (For Now), by Tyler Durden

SLL is prepared to cheer any progress on the North Korea front short of war. From Tyler Durden at zerohedge.com:

A global punitive campaign on North Korea propelled by sharp new U.N. sanctions – amounting to a $1 billion ban on North Korea exports – received a welcome, and unexpected, boost on Sunday from China, the North’s economic lifeline, when Beijing slammed its neighbor for its ongoing missile and nuclear tests.

The Saturday sanctions agreed to unanimously in a 15-0 Security Council vote are aimed at cutting North Korean exports by about $1 billion a year, a move that would hit laborers and fishermen. Existing joint ventures would be prevented from expanding their operations. The new sanctions could cut off roughly one-third of North Korea’s estimated $3 billion in annual exports, ostensibly denying the nation of funds for its weapons programs. All countries are now banned from importing North Korean coal, iron, lead and seafood products, and from letting in more North Korean laborers whose remittances help fund Kim Jong Un’s regime.


U.N. Security Council members vote on toughening sanctions on
North Korea in New York, on Aug. 5.

 However, what was most remarkable about the vote is that both China and Russia backed it, siding – for the first time in a long while – with the US on matters of foreign policy.
And, as Bloomberg summarizes, just days after geopolitical events looked bleak at the start of last week when leaders of the world’s biggest economies appeared set on collision course after North Korea’s second ICBM text in a matter of weeks prompted Trump to lash out at China on Twitter, followed by reports that his administration was getting ready to take steps that could lead to a trade war, all that changed with the “breakthrough” vote at the United Nations on Saturday.

President Trump was delighted, tweeting on Saturday afternoon that “The United Nations Security Council just voted 15-0 to sanction North Korea. China and Russia voted with us. Very big financial impact!”

Even, one of Trump’s most vocal critics, former US ambassador to Russia, Michael McFaul congratulated Trump on his “genuine foreign policy achievement”:

Congratulations @realDonaldTrump . This vote is a genuine foreign policy achievement. https://twitter.com/realdonaldtrump/status/893965986566733824 

To continue reading: Unexpected North Korea Breakthrough Delays Trump Trade War With China (For Now)

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