The bill would ensure companies working with North Korea are locked out of the American financial system by making the White House "block all transactions that are property of the North Korean government, affiliates, or those that do significant business with North Korea", "block any entity or financial institution implicated in any significant trade in goods or services with North Korea from the US financial system" and "prohibit any goods made with North Korean labor from entering the United States and to impose sanctions of all entities implicated in North Korean labor trafficking".
"We will adopt a strong UNSC resolution to impose additional sanctions on North Korea, and do not want compromised resolutions", Haley emphasized, indicating that the U.S. will not tolerate a lower level of sanctions due to opposition from China and Russian Federation.
"With its latest successful test of an intercontinental ballistic missile, North Korea has demonstrated intent and capability to hit the USA homeland - and as President Trump said, we must never allow this to happen", said Gardner who chairs the Senate East Asia, the Pacific, and International Cybersecurity Subcommittee. Despite the global opprobrium over its nuclear ambitions, North Korea has managed to take advantage of a loophole in United Nations sanctions by increasing its exports of iron ore.
China's exports to North Korea rose 29.1 per cent in the first half of this year.
The successful launch of a North Korean ICBM "has fully demonstrated the will and capability of the DPRK (Democratic People's Republic of Korea) to annihilate the U.S.in a single blow to the very heart of its mainland in case it fails to act with discretion", the report warned.
It has been reported that the U.S. has proposed a new draft UNSC resolution for further sanctions on North Korea to China.
Explosive device detonated at U.S. air force facility in Oklahoma
They have witnesses who reported a motorcycle seen leaving the area, and agents are following up on that lead, she said. The blast took place around 10.30pm local time (4.30pm GMT) in Bixby, which lies around 15 miles to the south of Tulsa.
China announced in February the suspension of coal imports from the North, striking a blow at a major source of income for the hermit state. Imports from North Korea fell 13 percent.
Still, Chinese purchases of North Korean iron ore are contributing to tensions between the USA and China following President Donald Trump's statement last week expressing annoyance about China-North Korea economic ties. "Simple accumulated data can not be used as evidence to question China's severe attitude in carrying out UN Security Council resolutions", Huang told a news briefing. It took 56 days to adopt UNSC Resolution 2270, regarded as the strongest non-military sanctions in the history of the United Nations, in response to the fourth nuclear test.
The UN sanctions allow trade in items considered "exclusively for livelihood purposes".
North Korea's biggest need is to pay for fuel, since the country doesn't come close to producing enough oil.
A spokesman for China's foreign ministry said the two countries "maintain normal trade relations" and China's position on de-nuclearization on the Korean Peninsular is "firm and clear".