CHINA/FOREIGN POLICY/NORTH KOREA/TRUMP AS PRESIDENT: “The Trump administration officially cut off a small Chinese bank from the U.S. financial system on Thursday [11-2-17], accusing it of helping North Korea develop its illegal ballistic missile program.
The White House in June said it planned to sever the Chinese Bank of Dandong from the world’s most important financial system. The move marked a new phase in an escalating sanctions regime against North Korea as the White House sought to choke off illicit financial networks. Cutting off North Korea from trade and finance, the administration believes, will not only target the funding critical to Pyongyang’s weapons programs, but might also force leader Kim Jong Un to abandon his effort to develop a nuclear-armed intercontinental missile that could hit the U.S…
The move is designed to send a signal to other banks—notably other Chinese institutions—that they risk similar action if they continue to help North Korea.”
-Ian Talley, “Treasury Blocks Chinese Bank From U.S. Financial System Over North Korea Ties,” The Wall Street Journal online, Nov. 2, 2017 08:02pm