China Bans Coal, Lead, Iron Imports From North Korea

Tyler Durden's picture

China's Ministry of Commerce said that Beijing will halt imports of coal, iron, iron ore and seafood from North Korea starting on Tuesday, cutting an important economic lifeline for the Pyongyang regime, as it implemented a package of sanctions passed by the United Nations Security Council on August 6.

China accounts for roughly 90% of North Korean trade but moved earlier in February to suspend North Korea’s coal imports until the end of the year. Coal normally accounts for about half of North Korea’s exports, but despite the coal ban, overall trade between the two countries remained healthy according to WaPo.

Last month China announced that imports from North Korea fell to $880 million in the six months that ended in June, down 13% from a year earlier. Notably, China’s coal imports from North Korea dropped precipitously, with only 2.7 million tons being shipped in the first half of 2017, down 75 percent from 2016. But a 29 percent spike in Chinese exports to North Korea — North Korea bought $1.67 billion worth of Chinese products in the first six months of the year — helped push total trade between the two countries up 10 percent between January and June, compared with the same period last year.

While the latest move to halt imports of iron, iron ore, lead and lead ore, and seafood products will put significantly more pressure on Pyongyang, it is unlikely to be enough to convince Pyongyang to abandon its nuclear program, which it sees as essential to its own survival, experts say.

The announcement comes after days of increasingly bellicose rhetoric between President Trump and North Korean leader Kim Jong-un, which however appears to have moderated somewhat in the past 48 hours when contrary to some expectations, there were no escalations - and no missile or nuclear tests by North Korea - over the weekend. Last weekend, the UN Security Council approved tough sanctions against Pyongyang with analysts estimating that the action could cost North Korea US$1 billion in foreign revenue a year. The sanctions were in response to North Korea’s two intercontinental ballistic missile tests last month, which Kim boasted could now strike any part of the United States.

Indicating China's reluctance to implement the sanctions, Chinese Foreign Minister Wang Yi said in a regional forum last week that his country would pay a price for implementing the sanctions, given China’s traditional economic ties with North Korea.

On Monday Beijing also warned the Trump administration not to split the international coalition over North Korea by provoking a trade war between China and the United States. The warning comes as President Trump is expected to sign an executive memorandum Monday afternoon instructing his top trade negotiator to launch an investigation into Chinese intellectual property violations, a move that could eventually result in severe trade penalties.  In China, these proposed measures were seen as an attempt to put pressure on Beijing to act more strongly against North Korea, and at the same time an attempt to shift the blame for the world’s failure to rein in Pyongyang’s nuclear and missile programs onto China alone.

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GUS100CORRINA's picture

China Bans Coal, Lead, Iron Imports From North Korea

My response: This action looks like a STEP in the RIGHT DIRECTION. The S&P Futures certainly like it.

Maybe the WORLD is NOT going to END TODAY!

gatorengineer's picture

Naah wont make a difference, until China stops exporting submarine, missile, and bomb parts its still potentially game on....

Chinas best play is to put a lid on it until the Norks have 20 silos with ICBMs in them and half a dozen subs with nukes, then they can just ask for the keys to Samsung....

Mr 9x19's picture

1st of all china does not BAN imports, it suspends.... nuance.

2nd, it prooves china make steps on USA direction, and try at its best to not get in conflict with USA.

3rd, mainstream rhetoric about nuke xxx yyy and bla bla is all theatre to make population quiet and docile.

 

it is all bullshit.

because 1st customer of china to export  shitloads of manufactured crap is USA, you do not get grip on your customers, never.

 

move along.

chinks just worth as much a EU,  coward fucks under US commanding.

 

tmosley's picture

Another Trump persuasion victory, another opportunity for the peanut gallery to miss the point completely, and forget all about it the next day.

MillionDollarButter's picture

I score this one for Trump.  Some of his best work.

Eager Beaver's picture

Complete and utter failure on all points, North Korea is about one thing, and one thing only, their rare Earths. Notice they didn't ban that, did they?

idahobandito's picture

Yea right...They may say they are....but the goods will still flow between them..off the books.

A. Boaty's picture

Of course, anyone can see what goes on at the China/NK border. Oh, wait...

Stinkytofu's picture

yeparoo!  and that pair of "made in china" shoes.....

North Korea factories humming with 'Made in China' clothes, traders say

http://www.reuters.com/article/us-northkorea-labour-china-insight-idUSKB...

 

GodHelpAmerica's picture

Weak move Xi, on all fronts.

You were raised and that's your call? You either counter by raising or you fold.

Trump isn't bluffing; only a strong hand can win here--perhaps you don't have one.

Put up your gold or stfu, Xi.

Arnold's picture

Your Poker Stars commentator interview did not go well, did it?

gatorengineer's picture

Trump is bluffing thats all he can do.

GodHelpAmerica's picture

Not with a White House full of generals. That and of course--for now--the the US still has the infinite capacity to spend and support its bloated military. The military is the ONLY thing Trump can follow through with. No congressional opposition either.

And the Russia scandal suddenly dissapeared from the headlines--I wonder why...

Déjà view's picture

Shades of LeMay & MacArthur with a POTUS ready to play ball !!

M4DM4N's picture

Come on Lil' Kim....now's your chance to save face and not subject your people to annihilation while subjecting my sons to the whims of some bloodthirsty asshole like McCain who'll probably want to reinstate the draft. 

Blacksunday3's picture

The trade pressure just produced a result. This is an annoying story. I wish China would act like a civilized nation and reject the presence of such a disgusting country right on its border. China is still third world in many respects.

Déjà view's picture

Chicom still schooled by Japan...
Better shift into high gear soon...if they prefer to break out of wannabe Japan orbit...
Chicom style will not make cut in long run...
DPRK is a fine example of Chicom schooling...
Were it not for Western know how...Chinese would still be shitting over logs!

Dre4dwolf's picture

Now if they actually follow through North Korea has serious pressure on it, their currency will be hurting, but given the fact Noko is the counterfeiting Capitol of the world, how much will this actually impact them?

overmedicatedundersexed's picture

OT, well well here is evidence in the va riot the MSM will not show you...men with baseball bats hitting the car..the non violent left..LOL

https://www.youtube.com/watch?v=lZAf-6irU2Y

Arnold's picture

I believe I would be scared a diaper full at sixty, never mind twenty.

I'd like to see the sixty second prequel.

overmedicatedundersexed's picture

the past riots with antifa gangs were all violent leftists ...shown on zh many many times..berkley ca riot at the university as example..

yet the police let the antifa groups march into the city approved white man march..news must have been slow that day..this was forced to happen by leftist JU mayor..who woulda known??

dogismycopilot's picture

am i the only one who laughed when that nigger got ground up between that challenger and the Tundra? 

bet that fucker still hurts today.

FUCK ANTIFA!  

BandGap's picture

The reverese lights come on and they run behind it. Not off to the side where there is plenty of room and more easily smashed windows. Hmmm. Not smart at all.

 

Arrest Hillary's picture

Leftist niggers give first aid .... I'd rather have Doctors Without Orders ?

Gen. Ripper's picture

Chinks are liars and can't be trusted - we already know that.

indygo55's picture

Like the USA isn't a liar and CAN be trusted!

CRM114's picture

Question to 13 year old girl I taught at school entrance interview

"Do you think politicians should be honest, or clever?"

"I think they should be honest....when dealing with us, and clever when speaking to foreigners."

 

She went on to be very successful!

Dr. Bonzo's picture

So....... Trump's threat worked eh.

dogismycopilot's picture

This is good. This means Fat Boy is going to start exporting his super hawt women to become hookers in Hong Kong and Beijing in order to raise hard currency.

Arrest Hillary's picture

Coal, lead and iron .... ya mean the Norks make their own low grade steel ?

Yen Cross's picture

 Le'me get this straight.   This  is the same as the pinheads graduating from " law school" in the retarded states of Amer/ika/

lester1's picture

That fat kid Kim reads Zerohedge and he will be the catalyst for the global financial reset!

 

 

zigizigi's picture

If Beijing believes that they can avoid the trade war by sanctioning NK then they put the cart before the horse. The trade war is not a threat to encourage Chima to join the anti NK camp, it's the opposite, the whole NK story is a mere excuse to impose trade restrictions on China by Trump administration. He's desperate to fight the yuge trade deficit. And the "trade war" will be there regardless of Chinese position on NK. They will be blaimed for being non-cooperative by hook or by crook. Don't they know that?

Dilluminati's picture

How can this be verified?  It's a step in the right direction but America is sooo damn tired of bad trade deals and weasels in Washington or any other capital and their "loopholes" that I can't see this mattering to the people in the streets.  We have tried sanctions under Bush and Obama and look at what it produced.   Nothingburger made from leftover nothingburgers. {{{YAWN!!!}}}

TheSilentMajority's picture

Token phony gestures.

Far too little, and far too late.

goldoverbtc's picture

North Korea is not going to be a threat in the near future.  This is all a distraction from the fact the world economy is slowing down and about to fail.  It looks likely that a war will break out in Asia that will leave the world distracted from the slowing economy but will also give an excuse for the slow down at the same time.

www.escapeamazon.com

 

Gohigher's picture

Is it real or is it ALL theater ?
Opening China's books to the west'$ perusal has as much chance of happening as "Audit the FED". (which set of books would you like to see ?? We have soooooo many!)

That said, if China's stated course is true: a cornered animal is dangerous. Maybe they need a bogeyman just like the USSA, Europigs and RUsskies- hell, every power hungry tinpot warlord Nation, too. NOTHING papers over a festering economy/class implosion than a fearful population fed lies by their leaders.

Second, the oil blockade on Japan left them little choice but to lash out as the Western Powers predicted/planned. Not that their warlords had benevolent plans, too. Fuck around enough poking a rattler, he'll strike.

Fuck the WAR PIGS
RE-ELECT NOBODY

historian40's picture

Funny how China and Russia are supposed to be opposing the empire, but they keep doing what the empire demands.  They like to claim Russia is stoppng the US in Syria, but in reality, not so much.  That nation has been turned into a dependent, its infrastructure destroyed, and several NATO countries occupy them now, and the US is building bases within their borders.  Not such a victory really.

Gnosis_Carmot's picture

I didn't realize North Korea had any exports besides mud.

Drop-Hammer's picture

Sure the chinks did that.  North Korea to China:  "I will gladly repay you Tuesday for coal/lead/iron ore today."  Who posts this garbage?