Politics North Korea crisis: Mnuchin suggests China trade cut-off on the table

02:23  14 september  2017
02:23  14 september  2017 Source:   FOX News

China makes diplomatic protest to N. Korea over nuke test

  China makes diplomatic protest to N. Korea over nuke test <p>China said on Monday it had lodged an official protest with its ally North Korea following Pyongyang's largest-ever nuclear weapons test.</p>The massive explosion, which Pyongyang claimed was a miniaturised hydrogen bomb, has put the region on edge and raised questions about how Beijing will respond to its neighbour's latest provocation.

China is both North Korea 's and the US's biggest trade partner, and has supported recent sanctions against it. Treasury Secretary Steve Mnuchin told reporters on Wednesday night: "We believe that we need to economically cut off North Korea .

U.S. Treasury Secretary Steven Mnuchin says he is putting together new sanctions seeking to cut off trade with North Korea after it detonated a thermonuclear device in its sixth and most powerful nuclear test.

What to watch next
  • Trump: The rich will not gain from tax reform

    Trump: The rich will not gain from tax reform

    CNN Logo
    CNN
    0:59
  • Irma Victims Allegedly Rejected From Boat To Safety

    Irma Victims Allegedly Rejected From Boat To Safety

    NBC News Logo
    NBC News
    0:39
  • Trump's dealings with Democrats roil Republicans

    Trump's dealings with Democrats roil Republicans

    CBS News Logo
    CBS News
    8:06
  • Hurricane Irma brought in some unlikely house guests

    Hurricane Irma brought in some unlikely house guests

    USA TODAY Logo
    USA TODAY
    0:20
  • Endangered tiger cub gets playmate in San Diego

    Endangered tiger cub gets playmate in San Diego

    Reuters America Logo
    Reuters America
    1:05
  • UN Chief Responds to Rohingya 'Ethnic Cleansing' Question

    UN Chief Responds to Rohingya 'Ethnic Cleansing' Question

    NBC News Logo
    NBC News
    0:47
  • Viral photo of

    Viral photo of "hot cops" leads to calendar fundraiser

    CBS News Logo
    CBS News
    1:04
  • FEMA Nominee Withdraws After Questioning on Past Investigation

    FEMA Nominee Withdraws After Questioning on Past Investigation

    MSNBC Logo
    MSNBC
    2:23
  • See plane drift in Irma's high winds

    See plane drift in Irma's high winds

    CNN Logo
    CNN
    0:58
  • Flynn's Son Now Subject of Special Counsel's Russia Probe

    Flynn's Son Now Subject of Special Counsel's Russia Probe

    MSNBC Logo
    MSNBC
    2:14
  • Tim Scott says Trump has

    Tim Scott says Trump has "reflected" on Charlottesville comments

    CBS News Logo
    CBS News
    0:42
  • Iraq readies to retake IS bastion near Syria border

    Iraq readies to retake IS bastion near Syria border

    AFP Logo
    AFP
    0:50
  • Sanders announces 'Medicare for all' plan

    Sanders announces 'Medicare for all' plan

    CNN Logo
    CNN
    1:31
  • Benghazi contractors: We were told to stay quiet

    Benghazi contractors: We were told to stay quiet

    FOX News Logo
    FOX News
    4:03
  • Woman Accused of Attempting to Break Into Prince George's School

    Woman Accused of Attempting to Break Into Prince George's School

    Veuer Logo
    Veuer
    0:42
  • Hurricane Jose's uncertain path

    Hurricane Jose's uncertain path

    CNN Logo
    CNN
    0:51
UP NEXT
UP NEXT

Trump's Latest North Korea Threat Could Have 'Apocalyptic' Consequences, Experts Warn

  Trump's Latest North Korea Threat Could Have 'Apocalyptic' Consequences, Experts Warn President Donald Trump’s threat to cut off trade with any country that does business with North Korea would have massive consequences on the global economic stage if executed, experts said. Trump’s threat came after continued aggression from North Korea, which recently conducted its most powerful nuclear test . If the president followed through on his threat, it would would mean ending trade with China, the United States’ largest trade partner. According to 2015 data from the Census Bureau and Bureau of Economic Analysis, the value of trade in goods and services between the U.S. and China is about $663 billion.

U.S. Treasury Secretary Steve Mnuchin said on Sunday that he would put together a package of new sanctions to potentially cut off all trade with North Korea . “If countries want to do business with the United States

We will use economic sanctions to bring North Korea to the table ." Pressed by Baier on whether he specifically meant stopping trade with China , Mnuchin said the executive order would apply to "anybody" who trades with North Korea .

Treasury Secretary Steve Mnuchin suggested Wednesday that the Trump administration is willing to cut off trade with China in an effort to put pressure on North Korea.

“I've worked on an executive order that's ready if the president wants to use it,” Mnuchin said in an interview with Fox News’ Bret Baier. “We can stop trade with any country that does business with North Korea.”

China is North Korea’s closest ally and commercial partner.

Pressed if the administration is really willing to stop trade with China, Mnuchin replied: “Stopping trade with anybody. Nobody would be off the table.”

CHINA SAYS TRUMP’S TRADE THREAT OVER N. KOREA ‘UNACCEPTABLE’

President Trump issued the same threat earlier this month, posting on Twitter that the United States is considering halting trade with "any country doing business with North Korea." His remarks came after North Korea detonated a thermonuclear device in its sixth and most powerful nuclear test.

Trump doesn't rule out strike against North Korea

  Trump doesn't rule out strike against North Korea WASHINGTON — President Trump said Wednesday that a military strike was not his first option for dealing with a nuclear-armed North Korea — but he didn't rule it out. "We will not be putting up with what’s happening with North Korea," Trump said. "We’re going to see what happens."WASHINGTON — President Trump said Wednesday that a military strike was not his first option for dealing with a nuclear-armed North Korea — but he didn't rule it out.

“There’s a lot we can do to cut them off economically, much more than we’ve done,” Mnuchin said. China accounts for as much as 85 percent of North Korea ’s trade market, according to the Times. “Some critics dismissed the president’s suggestion as an empty threat, because, if carried out

× Trump threatens to cut off trade with China if it does not stop trade with North Korea . In an interview on "Fox News Sunday," Mnuchin said North Korea 's test of what it claims was a hydrogen bomb was "completely unacceptable behavior."

  North Korea crisis: Mnuchin suggests China trade cut-off on the table © Provided by Fox News

China responded by saying Trump's threat is unacceptable and unfair.

“We're going to be careful in using these tools,” Mnuchin said Wednesday, “but the president is committed. We will use economic sanctions to bring North Korea to the table.”

Mnuchin also expressed a desire during the interview to win support from both Republicans and Democrats on a tax reform package.

“Now more than ever it’s important to get tax reform done,” he said. “Because this is about economic growth, this is about economic recovery and with these two big hurricanes, we have to rebuild these areas of the country and we need to create economic growth.”

The Associated Press contributed to this report.

Mnuchin Calls on World to Cut 'All Trade and Financial Ties' to North Korea .
The U.S. treasury secretary on Thursday fleshed out an executive order from President Donald Trump granting him more power to sanction those with ties to Pyongyang.Treasury Secretary Steven Mnuchin delivered an ultimatum Tuesday afternoon to global financial institutions planning to conduct business with North Korea: It's us or them.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!