WASHINGTON: US President Donald Trump rolled out sanctions against North Korea-linked shipping assets Friday, hailing the package as the “heaviest sanctions ever” levied on the Pyongyang regime.
Trump used a speech to conservatives just outside Washington to step up his campaign of “maximum pressure” designed to force North Korea to roll back its weapons programs.
“We imposed today the heaviest sanctions ever imposed on a country before,” Trump claimed at the end of a lengthy campaign-style address.
In light of past US embargoes, that is likely an overstatement, but Treasury Secretary Steve Mnuchin confirmed the sanctions covered “virtually all the ships” North Korea is “using at this moment in time.”
Trump had been expected to provide details of measures that target “56 vessels, shipping companies, and trade businesses,” but skipped that part of his prepared remarks.
“Frankly hopefully something positive can happen,” he said instead.
During a joint press conference with Australian Prime Minister Malcolm Turnbull, Trump said that sanctions were only the first action.
“If the sanctions don’t work, we’ll have to go to phase two. Phase two may be a very rough thing,” he said, without elaborating.
Trump’s administration is locked in a nuclear standoff with North Korea, which is trying to develop missiles that could deliver an atomic weapon to major US cities.
The latest sanctions are designed to put the squeeze on North Korea’s already precarious economy and fuel supply.
Mnuchin said there were signs that the punitive measures were starting to have an impact, but did not elaborate.
The North Korean military and broader economy depend heavily on imports of coal and oil from China and Russia.
China, Pyongyang’s only major ally, has steadfastly rebuffed Washington’s calls for a full oil embargo — fearing the chaotic collapse of the Pyongyang regime — but has agreed to caps agreed at the United Nations. – AFP/APP
Story first published: 24th February 2018