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Options to trade sanctions


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Please follow these instructions to install Firefox. National Review. By Jim Geraghty. What Are Our Options on North Korea? Making the click-through worthwhile: North Korean aggression opens talks of U. N. sanctions, Christie’s path to the Senate, and opting out of public-school sexual-education programs. In response to North Korea’s nuclear test this weekend, its most powerful yet, the U. S. began pressuring the U. N. to levy sanctions against the Kim regime. Senior Trump officials have said that cutting off oil and other fuels to North Korea is the “last best chance” to end North Korean aggression diplomatically. Over the weekend, Trump tweeted that the U. S. is even considering stopping all trade with North Korean allies if the tests continue. The United States is considering, in addition to other options, stopping all trade with any country doing business with North Korea. Experts, however, have questioned whether the U. S. economy can survive such a decision: Trade with China, North Korea’s most important ally and trading partner, accounts for $650 billion of the U. S. economy. Last year, North Korean trade with China totaled $3 billion. As a comparison, the U. S. exported $11 billion in corn alone in 2016. The U. S. could more broadly target Chinese companies that do business in North Korea. But that could prove ineffective against a Chinese government that worries that trade limits could worsen conditions in the North, making the situation there even more unpredictable.


“If it really started to send their economy into a tailspin, they could lash out in a more extreme way,” said John Delury, a professor at Yonsei University in Seoul. North Korea’s test of a nuclear weapon on Sunday prompted White House officials to threaten new sanctions targeting businesses and countries that have continued to do business with Pyongyang. That prompted criticism from China on Monday, which called the idea of trade measures against it “unacceptable.” “This is neither objective nor fair,” Geng Shuang, a spokesman for China’s Foreign Ministry, said at a daily news briefing. With the increased frequency and intensity of nuclear tests, North Korea has made itself Trump’s top priority. By refusing to rule out force to deter further aggression from North Korea, the president has remained open to all possible options. Cutting off trade with China, however, is probably not realistic. So reads the headline of an article by John Fund in NRO, who writes about an interview Chris Christie gave on the possibility of taking New Jersey Democrat Bob Menedez’s Senate seat, should the latter be convicted of corruption. Governor Chris Christie refused to rule out the possibility that he could replace New Jersey’s U. S. senator Bob Menendez if the Democratic lawmaker is convicted on fraud and bribery charges in a trial that begins this week. “I don’t give Shermanesque statements on anything,” Christie told an interviewer for MSNBC’s Morning Joe program. “Listen, we’ll see what happens in this trial. We don’t know if there’s even going to be a vacancy and if there is, whether I’ll still be governor to replace it. What I’ll guarantee the people of New Jersey is . . . I’ll pick the person I think is best to represent New Jersey’s interests in the U. S. Senate.” Christie can’t pick himself, but he could resign as governor, leaving Lieutenant Governor Kim Guadagano to appoint him. New Jersey is a consistently blue state, and the seat is not likely to flip with any candidate but Christie.


Plus, Christie could help push Trump bills through the Senate at a time when even a 52-seat Republican majority hasn’t been enough to enact major legislation. Winning a full six-year term in 2018 would be challenging, however, especially considering the historic unpopularity of governors-turned-senators: All five have lost reelection. Amid the uncertainly, Fund believes Menendez’s conviction is one thing we can count on: Even though convictions of a public official for bribery have to involve proof that any gifts led to official action by the public official, the evidence against Menendez is unusually comprehensive and sordid. Prosecutors will cite e-mail exchanges and even sworn testimony from the pilots who ferried Menendez to his lavish vacations to prove their argument that Menendez “paid” for the allegedly illicit gifts using the “currency of his Senate office.” Tricky Laws Push the Transgender Agenda in Public Schools. Margot Cleveland explores the legal obstacles in some states’ sex-education laws to parents opting their children out of education about traditional intercourse: The California legislature specifically excluded “gender identity” from the state’s notice and opt-out requirements, by providing in Section 51932(b) of the Education Code: “This chapter does not apply to instructions, materials, presentations, or programming that discuss gender, gender identity, gender expression, sexual orientation, discrimination, harassment, bullying, intimidation, relationships, or family and do not discuss human reproductive organs and their functions.” So, contrary to the parents’ assumption that the local administrators of Rocklin Academy failed them and their children, the blame lies with the California legislature, which purposely exempted gender identity from both the notice and opt-out mandates of its sex-education provisions. Rocklin Academy is the school where, last week, a kindergarten teacher staged a “transition ceremony” for a boy who wanted to dress like a girl. After the ceremony, a first-grader was disciplined for “misgendering” the student. Trade Sanction. What is a 'Trade Sanction' A trade sanction is a trade penalty imposed by one nation onto one or more other nations. Sanctions can be unilateral, imposed by only one country on one other country, or multilateral, imposed by one or more countries on a number of different countries. Often allies will impose multilateral sanctions on their foes.


BREAKING DOWN 'Trade Sanction' Import tariffs, licensing costs and administrative hurdles are often enforced, making it more difficult if not impossible for the nation(s) bearing the sanction to trade with the nation imposing it. An example of a trade sanction is the set of stringent penalties the United States' imposed against Cuba from 1963 to 2000. In the year 2000 some of the sanctions were repealed, specifically those on medical and agriculture goods. Trump’s Threats Over North Korea Belie Limits on His Options. Nomura: Sanctions on Companies With N. Korea Ties. Hours after North Korea said it successfully tested a hydrogen bomb, President Donald Trump mused about new sanctions that would mean cutting off trade with China while his defense chief talked of military options. Neither is likely to happen. That Trump is even considering such responses underscores how Kim Jong Un’s regime has frustrated his administration and left him with few good options. North Korea’s nuclear test, the first of Trump’s presidency, raises the likelihood the U. S. will impose significant new diplomatic sanctions targeting both North Korea and China, potentially roiling international markets. The White House is considering a range of actions that go as far as cutting off economic ties to countries that do business in North Korea, Trump said Sunday in a tweet that was squarely aimed at China. While such a drastic step is unlikely, the U. S. could push ahead with penalties on Chinese banks and moves to cut off oil exports to North Korea, both of which have been considered in the past. While Trump has few military avenues that would not risk widespread collateral damage for U. S. allies South Korea and Japan, slapping big sanctions against Chinese banks could set off a “gunfight at the O. K. Corral,” said Doug Paal, vice president for studies at the Carnegie Endowment for International Peace in Washington. “If you really ratchet up the sanctions against China’s largest banks, that could have systemic consequences for the global economy and could really hurt the American economy as well as the North Korean economy,” said Paal, who was on the National Security Council staffs of Presidents Ronald Reagan and George H. W. Bush. Trump convened a meeting with military leaders Sunday after North Korea’s underground nuclear test, which the regime said showed “unprecedentedly big power.” Trump earlier posted a series of tweets that criticized South Korea for pursuing 𠇊ppeasement” with Pyongyang and threatened a trade embargo against countries that do business with it. China is North Korea’s largest trading partner and its main ally.


The president followed those tweets by telling reporters, “We’ll see” when asked whether he plans to attack North Korea. “We have many military options,” Defense Secretary Jim Mattis said after meeting with Trump. “We are not looking to the total annihilation of a country, namely North Korea, but as I said, we have many options to do so.” While the president has appeared to sour on the idea of solving the standoff through talks, experts and members of Trump’s own inner circle have signaled a military campaign against North Korea would be both catastrophic and unlikely. Officials including Treasury Secretary Steven Mnuchin and United Nations Ambassador Nikki Haley are instead pursuing new sanctions against North Korea and its benefactors. Countries including the U. S., Japan, and South Korea have called for an emergency meeting of the United Nations Security Council on Monday, Haley said Sunday on Twitter. Trying to curb North Korea’s nuclear ambitions through military action has a �irly low” probability of success, said Paal. That sentiment echoes the conclusion of Trump’s former chief strategist, Steve Bannon, who told the American Prospect last month there was “no military solution” for North Korea. “Until somebody solves the part of the equation that shows me that ten million people in Seoul don’t die in the first 30 minutes from conventional weapons, I don’t know what you’re talking about,” he told the magazine. “They got us.” The U. S. military has about 28,000 service members stationed across South Korea. South Korean President Moon Jae-In has also pushed back against the prospect of a U. S. strike. In a speech last month, Moon asserted the right to veto any military action, saying that decision should be made by “ourselves and not by anyone else.” He has also vowed to prevent war at any cost. Trump, who has recently criticized the U. S. trade deal with South Korea, voiced frustration with Moon on Twitter on Sunday.


“South Korea is finding, as I have told them, that their talk of appeasement with North Korea will not work, they only understand one thing!” Trump said. While Trump has floated the idea of an all-out trade embargo against China, several top Republicans in Congress are pushing for a more realistic set of sanctions that would crack down on countries doing business with North Korea. China provides North Korea with most of its energy supplies and accounts for upwards of 90 percent of North Korea’s total trade volume. Options include sanctions cutting off some Chinese banks from the U. S. financial system and an economic blockade targeting oil shipments to North Korea. ‘Unacceptable Behavior’ “I am going to draft a sanctions package to send to the president for his strong consideration that anybody that wants to do trade or business with them would be prevented from doing trade or business with us,” Mnuchin said on 𠇏ox News Sunday.” “People need to cut off North Korea economically. This is unacceptable behavior.” After sanctioning a small Chinese bank in June, Mnuchin said the U. S. would be willing to penalize other banks providing “illicit funding” to North Korea. Still, such “secondary sanctions” against China could backfire, both harming the U. S. economy and potentially undermining ties, said Dursun Peksen, who teaches political science at the University of Memphis and has written extensively on economic sanctions. “Given the size of its economy and involvement in the global economy, China is not a country that would easily give in to the threats of comprehensive economic sanctions,” Peksen said.


China was the top U. S. trading partner last year, with the two nations having a combined $579 billion in commerce, according to U. S. Census data. Seeking new trade-based sanctions may be about the only non-defense form of punishment left as other penalties haven’t worked, said Mark Dubowitz, chief executive of the Foundation for Defense of Democracies, a think tank that tracks national security issues. The best approach, Dubowitz said, would be to bar any companies or financial institutions that do business with North Korea from doing trade with the U. S. or using the U. S. dollar. 𠇌hinese companies would have to make a decision: Do they want to work in a $19 trillion U. S. market, or a puny North Korean market?” he said. North Korea’s action came despite a series of recent actions by the U. S. and the UN Security Council. Trump signed into law legislation approved in Congress in late July that contained further economic penalties, and the UN on Aug. 5 imposed what it called the “most stringent” sanctions yet. Those measures, which came in response to Pyongyang’s testing of two intercontinental ballistic missiles in July, would ban exports of coal, iron, lead and seafood. South Korea on Monday said it detected that North Korea was continuing to prepare for a possible ICBM firing.


The nation’s spy agency said there was a chance it could be launched into the Pacific Ocean, and that the isolated state was able to conduct a nuclear test at any time, the Yonhap news agency reported. Some members of Congress are already pushing for stronger penalties after Sunday’s nuclear test. “Working with our allies, especially South Korea and Japan, we must apply maximum financial and diplomatic pressure,” Ed Royce, Republican chairman of the House Foreign Affairs committee, said in a statement. “That includes targeting more Chinese banks that do business with North Korea -- with or without Beijing’s cooperation.” — With assistance by Mark Niquette, Mark Drajem, and Andy Sharp. How Economic Sanctions Work. A sanction is a penalty levied on another country, or on individual citizens of another country. It is an instrument of foreign policy and economic pressure that can be described as a sort of carrot-and-stick approach to dealing with international trade and politics. Russia's March 2014 annexation of Crimea, for example, continues to be the gift that keeps on giving, unleashing sanctions and counter-sanctions that only seem to escalate. In September 2015, Ukraine's Prime Minister Arseny Yatseniuk announced that his country would ban Russian planes from Ukranian soil. The ban is slated to take effect October 25, 2015.


Just days after Ukraine's announcement, Russia's Ministry of Transport responded by threatening a retaliatory ban against the Ukraine, according to TASS, Russia's official state-run news agency. And that's just the latest variation on a familiar theme. These announced aircraft bans come over a year after the United States and the European Union froze the American and European assets of members of Vladimir Putin’s “inner circle,” which includes politicians, business leaders and one bank, in March 2014. At the time, Russia responded by sanctioning several American politicians, including House Speaker John Boehner, Senate Majority Leader Harry Reid, and Arizona Senator John McCain. The impact of Russian sanctions on American politicians was seemingly limited, and was treated humorously: John McCain deadpanned in a March 20th Tweet, "I guess this means my spring break in Siberia is off, Gazprom stock is lost & secret bank account in Moscow is frozen." While the targeted Russians did not all have foreign assets, they faced financial strain. They were unable to carry out dollar-denominated transactions banks were less willing to help them for fear of angering Western governments and American businesses weren't able to work with them. In the long term, however, these sanctions were likely to have less impact than broader sanctions on Russian energy exports to Europe. Roughly 53% of Russia’s gas exports go to the EU, worth an estimated $24 billion a year. A country has a number of different types of sanctions at its disposal. While some are more widely used than others, the general goal of each is to force a change in behavior.


Sanctions Can Take Many Forms. A sanction can be exercised in several ways. These include: Tariffs – Taxes imposed on goods imported from another country. Quotas – A limit on how many goods can be either imported from another country or sent to that country. Embargoes – A trade restriction that prevents a country from trading with another. For example, a government can prevent its citizens or businesses from providing goods or services to another country. Non-Tariff Barriers (NTBs) – These are non-tariff restrictions on imported goods and can include licensing and packaging requirements, product standards and other requirements that are not specifically a tax. Asset freezes or seizures – Preventing assets owned by a country or individual from being sold or moved. Sanctions are categorized in several ways. One way to describe them is by the number of parties issuing the sanction. A "unilateral" sanction means that a single country is enacting the sanction, while a "bilateral" sanction means that a group or block of countries is supporting its use.


Since bilateral sanctions are enacted by groups of countries, they can be considered less risky because no one country is on the line for the sanction's result. Unilateral sanctions are more risky, but can be very effective if enacted by an economically powerful country. Another way of categorizing sanctions is by the types of trade they limit. Export sanctions block goods flowing into a country, while import sanctions block goods leaving the country. The two options are not equal and will result in different economic ramifications. Blocking goods and services from entering a country (an export sanction) generally has a lighter impact than blocking goods or services from that country (an import sanction). Export sanctions can create an incentive to substitute the blocked goods for something else. A case in which an export sanction could work is the blocking of sensitive technological know-how from entering the target country (think advanced weapons). It is harder for the target country to create this sort of good in-house. Blocking a country's exports through an import sanction increases the possibility that the target country will experience a substantial economic burden. For example, on July 31, 2013, the U. S. passed the bill H. R. 850, which basically blocked Iran from selling any oil abroad because of its nuclear program.


This bill followed a year in which Iran's oil exports had already been cut in half by international sanctions. If countries don't import the target country's products, the target economy can face industry collapse and unemployment, which can put significant political pressure on the government. While the goals of sanctions are to force a country to alter its behavior, there is much variation as to how the sanctions are leveled and whom they target. Sanctions can target a country as a whole, as in the case of an embargo on a country’s exports (e. g. U. S. sanctions on Cuba). They can target specific industries, such as an embargo on the sale of weapons of petroleum. Since 1979, the United States and European Union have prohibited the import or export of goods and services to Iran. Sanctions can also target individuals, such as political figures or business leaders - such as the aforementioned E. U. and U. S. sanctions on Putin's allies in March 2014. Enacting this type of sanction is designed to cause financial difficulties for a small set of individuals rather than impacting a country’s population. This type of sanction method is most likely to be used when political and economic power is concentrated in the hands of a relatively small group of individuals who have international financial interests. A Military Threat Alternative. While countries have used sanctions to coerce or influence the trade policies of others for centuries, trade policy is rarely the sole method employed in foreign policy. It can be accompanied by both diplomatic and military actions. A sanction, however, might be a more attractive tool because it imposes an economic cost for a country's actions rather than a military one.


Military conflicts are expensive, resource-intensive, cost lives and can elicit the ire of other nations due to the human suffering caused by violence. In addition, it is not feasible for a country to react to every political problem with military force: Armies are often not large enough. In addition, some problems are simply not well-suited for armed intervention. Sanctions are generally used when diplomatic efforts have failed. When Is It Time To Impose Sanctions? Sanctions may be enacted for several reasons, such as a retaliatory measure for another country's economic activities. For example, a steel-producing country might use a sanction if another country tries to protect a nascent steel industry by putting an import quota on foreign steel. Sanctions may also be used as a softer tool, especially as a deterrent to human rights abuses (e. g. the U. S. sanctions against apartheid-era South Africa). The United Nations might condone the use of bilateral sanctions against a country if it perpetrates human rights abuses, or if it breaks resolutions regarding nuclear weapons. Sometimes the threat of a sanction is enough to alter the target country's policies. A threat implies that the country issuing the threat is willing to go through economic hardship to punish the target country if change does not occur. The cost of the threat is less than that of military intervention, but it still carries economic weight. For example, in 2013 Zimbabwe's President Robert Mugabe and his inner circle were sanctioned by the U. S. because of alleged rights abuses.


At times, a country may consider exercising a sanction for domestic reasons rather than international ones. Sometimes nationalism comes into play, and one country's government can use a sanction as a way to demonstrate resolve or to create a distraction from domestic trouble. Because of this problem, international organizations such as the World Trade Organization (WTO) seek to relieve some of the pressure and create panels to objectively review disputes between countries. This is especially helpful in staving off bigger problems down the road, because sanctions can lead to economically damaging trade wars that can spill over into countries uninvolved in the original dispute. The extent of economic suffering caused by a sanction is often not immediately known. Research has shown that the severity of the economic impact on the target country increases as the level of international cooperation and coordination in its creation increases. It also will be more pronounced if the countries involved in the sanction previously had close relations, since trading ties are more likely to be significant if the countries have a rapport. The immediate impact of an import sanction on the target country is that the country's exports are not purchased abroad. Depending on the target country's economic reliance on the exported good or service, this could have a crippling effect. The sanction might cause the sort of political and economic instability that results in a more totalitarian regime, or it can create a failed state due to a power vacuum.


The target country's suffering is ultimately borne by its citizens, who in times of crisis may solidify the regime in charge rather than overthrow it. A crippled country can be a breeding ground for extremism, which is a scenario that the initiating country would probably prefer not to deal with. Sanctions may follow the law of unintended consequences. For example, the Organization of Arab Petroleum-Exporting Countries (OAPEC) issued an embargo on oil shipments to the United States in 1973 as a punishment for re-supplying Israel with arms. OAPEC was using the embargo as a tool of foreign policy, but the effects spilled over and exacerbated the worldwide stock market crash of 1973-74. The inflow of capital from higher oil prices resulted in an arms race in Middle Eastern countries - a destabilizing problem - and did not result in the policy change envisioned by OAPEC. In addition, many embargoed countries cut back on oil consumption and required more efficient use of petroleum products, further cutting demand. Sanctions can increase costs to consumers and businesses in the countries that issue them, because the target country is unable to purchase goods, resulting in economic loss through unemployment, as well as production loss. In addition, the issuing country will reduce the choice of goods and services that domestic consumers have, and may increase the cost of doing business for companies that must look elsewhere for supplies. If a sanction is made unilaterally, the target country can use a third-party country to circumvent the effect of blocked imports or exports. The success of sanctions varies in accordance with how many parties are involved. Bilateral sanctions are more effective than unilateral sanctions, but the success rate in general is fairly low. In many circumstances, the sanctions caused economic harm without changing the target country's policies. Sanctions are ultimately blunt tools of foreign policy, because their deployment is rarely precise enough to affect only the target economy, and because they presuppose that economic harm will lead to the sort of political pressure that will benefit the instigating country.


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Your password has been reset. We have made changes to increase our security and have reset your password. We've just sent you an email to . Click the link to create a password, then come back here and sign in. The New York Times. SHANGHAI — President Trump said on Sunday that the United States could consider stopping all trade with countries doing business in North Korea, in a move that could spell economic catastrophe for the pugnacious country. One problem: It would mean economic disaster for the United States as well. Despite years of economic sanctions and international condemnation, North Korea still conducts modest trade with a host of United States allies, including Brazil, Germany and Mexico. But the North’s biggest partner by far is China, which accounts for about four-fifths of its trade and helps the country with its fuel, food and machinery needs. China is also the largest trading partner of the United States, in a relationship worth nearly $650 billion a year in goods and services covering a range of items, like auto parts, apple juice and Apple’s widely anticipated new iPhone. The United States is considering, in addition to other options, stopping all trade with any country doing business with North Korea. That makes cutting off all United States trade with China a nonstarter, experts say. But Mr. Trump’s extreme remark epitomizes the tough choices that American policy makers face.


While the United States and other countries have tightened sanctions and moved to cut off North Korea from the rest of the economic and financial world, Pyongyang continues its efforts to develop nuclear weapons and the missiles to deliver them. The United States has limited options. It could more broadly target Chinese companies that do business in North Korea. But that could prove ineffective against a Chinese government that worries that trade limits could worsen conditions in the North, making the situation there even more unpredictable. “If it really started to send their economy into a tailspin, they could lash out in a more extreme way,” said John Delury, a professor at Yonsei University in Seoul. North Korea’s test of a nuclear weapon on Sunday prompted White House officials to threaten new sanctions targeting businesses and countries that have continued to do business with Pyongyang. That prompted criticism from China on Monday, which called the idea of trade measures against it “unacceptable.” “This is neither objective nor fair,” Geng Shuang, a spokesman for China’s Foreign Ministry, said at a daily news briefing. In global trade terms, North Korea is basically a rounding error. Chinese trade with the North totaled only about $3 billion in the first seven months of 2017 — roughly the same as last year — as China buys less coal, clothing and other goods. (By comparison, the United States exported $11 billion in corn in 2016.


) Still, even as China buys less, it is exporting more. This year, despite new sanctions, stern warnings to China from Mr. Trump and a slew of weapons tests by the North, Chinese exports to Pyongyang grew more than 22 percent through July compared with a year earlier, in part because of rising sales of electrical equipment and machinery, according to data from IHS Markit, Global Trade Atlas, a research company. China buys zinc, iron ore and other minerals from North Korea, as well as seafood and garments manufactured in the country’s textile mills. China has also historically been a major buyer of North Korean coal for its steel mills, although this year it has cut back on coal imports ahead of tighter United Nations sanctions and after the United States said the trade was contributing funds to North Korea’s nuclear weapons program. In turn, China’s state-run companies and biggest brands provide products like oil and beer. China also provides North Korea with one very important product: cash. North Korean workers go to China to earn and send back money. Chinese trade companies provide foreign currency. That helps North Korea keep its economy running — which has improved somewhat under the country’s leader, Kim Jong-un, as he has embraced some more market-oriented policies. It has also provided the capital to expand a nuclear weapons and missile program increasingly capable of hitting the United States. A number of experts say those trading companies could make strong targets for sanctions. “What you’re seeing roughly is a trade-based money-laundering scheme,” said David Thompson, a senior analyst at the Center for Advanced Defense Studies, a research company based in Washington. Some analysts in the United States have called for new policies that exert pressure on a wider array of Chinese companies. Larger Chinese state-run banks and companies should be included because they are all ultimately controlled by the government, said Daniel Blumenthal, an analyst at the conservative American Enterprise Institute.


“The point would be for the Chinese Communist Party itself to feel the pain of its relationship with Kim,” said Mr. Blumenthal, referring to the North’s leader. While obscure textile factories and border trading companies make up much of China’s trade with North Korea, a number of China’s largest brands have also occasionally shipped goods to the North in recent years, though the sales are quite small compared with those elsewhere. Some of the same companies also sell products in the United States. Just about every prominent Chinese appliance maker has sold goods in North Korea, including TCL and Hisense. The two companies sold a range of products, including refrigerators, air-conditioner units and television screens and other electronics. Midea, a company that took over the German robot maker Kuka last year despite some objections in Europe, has done sporadic business with North Korea. Most recently, in November, it shipped refrigeration units, air-conditioners, copper piping and other electronics. Among China’s car companies, Great Wall, Chery and Geely have all shipped auto parts or vehicles to North Korea. During a parade this spring in honor of the birthday of Kim Il-sung, the country’s founder, a visiting journalist took photographs of trucks made by a company called Sinotruk tugging submarine missiles. The company has shipped $1.2 million in vehicles and parts to North Korea in the past several years.


The Chinese battery and electric carmaker BYD has done about $14 million in trade with North Korea since 2012 and the shipments have continued until recently. In January, the company sent rubber products to the country, and in December, it sent vehicles. BYD is traded on Hong Kong’s stock exchange, and is backed by Warren Buffett, who owns a 10 percent stake in the company. In the summer of 2014, the Chinese beer maker Tsingtao shipped about $20,000 of beer to the country, along with outdoor umbrellas and glassware. Still, any effort by the United States to come down on China’s trade with North Korea could backfire if it creates divisions among Washington, Beijing and Seoul. “It would be great for them,” said Mr. Delury, of Yonsei University, referring to Pyongyang. “North Korea would just feed that. They’d have started a trade war between China and the United States. It would be colossally foolish.” Carolyn Zhang contributed research from Shanghai, and Ryan McMorrow from Beijing. More In Business Day. Prosecutors Said to Seek Kushner Records From Deutsche Bank. 1:50 PM ET Federal prosecutors in Brooklyn subpoenaed records about entities associated with the family company of President Trump’s son-in-law, people briefed on the matter said.


Steelworkers thought they would see a new dawn for their industry. But the president’s pledge to do something has actually done more harm than good. The popularity of streaming holiday-music classics has made record labels more reluctant to release non-Christmas albums in the final quarter.

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