Monday, April 11, 2016
China announces sanctions against North Korea
In a recent announcement, China has proclaimed they will start a series of sanctions against the country of North Korea, which included the restriction of imports of North Korean jet fuel, coal, and other raw materials. Furthermore, all trade that could be related to North Korean missile or nuclear programs have been prohibited by the UN. Chinese president, Xi Jinping, said that his country and the United States had to work together in order to avoid the possibility of aggression from North Korea. Finally, in a quote from the US Ambassador Samantha Power, she said that this a step in the right direction because "Virtually all of the DPRK's resources are channeled into its reckless and relentless pursuit of weapons of mass destruction."
I feel like this is definitely a good sign that China is starting to realize how much of a threat to the safety of the world North Korea really is. From an economic standpoint, these sanctions will likely do damage the economy's of both China and North Korea. However, I feel that the more China moves away from supporting North Korea, the more willing other countries will be in creating trade agreements that promote free trade. I remember reading in my International Business class that the less political tensions that there are between countries the more trade is possible, so I would predict China replacing the resources they received from North Korea in the past with a different country like the U.S.
http://www.independent.co.uk/news/world/asia/china-announces-sanctions-against-north-korea-a6969256.html
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This is positive from China to take such strict stance towards the reckless and dangerous behavior of North Korea. This restriction on imports will hurt North Korea's GDP, and this will hurt their economy in ways that may motivate the country to drop their nuclear program and focus on stabilizing their economy.
ReplyDeleteAs the article points out, it was not China's call to do so as it was ultimately a move by the UN ("For the UN sanctions to succeed, the cooperation of China - an ally of North Korea - has been viewed as essential.") Additionally, will the U.S. be able to replace resources once received from North Korea? This is a speculation based off the fact that U.S. prices will arguably be substantially more expensive but also because the U.S. was part of this agreement that was ultimately decided at last week's Nuclear Security Summit in Washington.
ReplyDeleteI agree that these sanctions could have negative effects on both of the economies of North Korea and China. However, it is necessary that the steps are taken in order to restrict the development of weapons of mass destruction in North Korea. China may also begin to increase trading with different countries nearby and better help the economies of those countries.
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