Markets Calm Sunday Despite US-North Korea Tensions

08 August, 2017, 00:50 | Author: Chad Mckenzie
  • Pic Reuters

The resolution adopted Saturday afternoon would also ban countries from giving any additional permits to North Korean laborers - another source of money for Kim Jong Un's regime.

The United States and China, North Korea's main ally, have been wrestling with how best to respond to the North's two intercontinental ballistic missile tests, which have deepened global fears that the missiles would be able to strike the U.S. mainland.

The United States, which has long maintained that China has not done enough to rein in North Korea, negotiated with China for a month on the new resolution before putting it to the Security Council.

"Do not violate the UN's decision or provoke global society's goodwill by conducting missile launching or nuclear tests", Wang told Yong Ho. China's UN Ambassador Liu Jieyi told UNSC that the deployment of the THAAD system will not bring a solution to the issue of North Korea's nuclear testing and missile launches.

For the US, it was a long-awaited sign of progress for Trump's strategy of trying to enlist Beijing's help to squeeze North Korea diplomatically and economically.

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Southeast Asia's top diplomats have criticised North Korea over its intercontinental ballistic missile (ICBM) tests. "This is the most stringent set of sanctions on any country in a generation", US Permanent Representative to the UN Ambassador Nikki Haley said.

The urgency of the situation was underlined by President Donald Trump's national security adviser H.R. McMaster, who told MSNBC news that the USA leader was reviewing plans for a "preventive war". The UNSC had restricted the export of coal which is North Korea's most exported item to $400 million in November from $1.2 billion that it used to make.

The Australian government has welcomed the unanimous decision by the United Nations Security Council to adopt new measures against North Korea.

"We have agreed upon and approved the COC framework and this is an important outcome of our joint effort", Wang told reporters on Sunday in a press briefing on the second day of the Asean Foreign Ministers Meeting.

North Korea has embassies and some businesses in several South-east Asian countries, some of which trade goods with Pyongyang.

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In an interview broadcast on MSNBC on Saturday, President Trump's national security adviser, Lt. Gen. H.R. McMaster, made clear that a military option was still under consideration, but that the United States and its allies would first exhaust all other attempts to resolve the standoff with North Korea peacefully.

Wang's statement repeated Beijing's proposal for a "double suspension", or a halt to North Korean nuclear development and to joint U.S.

It further censured the US State Department's travel ban for Americans wishing to visit North Korea, describing it as "a vile measure to limit the people-to-people exchange so as not to allow the US citizens to see the true picture" of the DPRK.

On Wednesday, Duterte called North Korean leader Kim Jong-un a "maniac", "fool" and "son of a bitch".

United States and China reiterated support on the implementation of new U.N. Security Council sanctions against North Korea in bilateral talks on Sunday.

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The Minister said both sanctions against North Korea's nuclear and missile programmes and resumption of the six-party talks were important and neither should be neglected.

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