US Slaps New Sanctions on Chinese, North Korean Trading Companies

| NOV 21, 2017 | 9:00 PM
North Korea tank parade

Uri Tours/Wikimedia

As part of its ongoing effort to apply economic pressure to North Korea, the U.S. Treasury Department announced new sanctions against Chinese and North Korean entities on Tuesday.

The Treasury Department's Office of Foreign Assets Control (OFAC) targeted 13 entities, one individual and 20 vessels with commercial ties to North Korea. Three Chinese trading companies, in particular, exported roughly $650 million worth of goods and imported $100 million worth from the communist country.

“As North Korea continues to threaten international peace and security, we are steadfast in our determination to maximize economic pressure to isolate it from outside sources of trade and revenue while exposing its evasive tactics,” Treasury Secretary Steve Mnuchin said in a statement.

Many of those sanctions received authorization from an executive order targeting people who either operate North Korea's transportation industry or engaged in significant commercial activity with the country.

Tuesday's were just the latest round of U.S. sanctions, which, according to Secretary of State Rex Tillerson, seem to be working. While explaining the administration's decision to designate North Korea as a state sponsor of terror on Monday, Tillerson said he received information indicating that the sanctions were effective.

He noted that for the past 60 days, North Korea appeared to refrain from any provocative activity, although he couldn't say if sanctions produced that calm.