New US sanctions target North Korean, Chinese companies

New US sanctions target North Korean, Chinese companies

The Trump administration imposed new sanctions on a slew of North Korean shipping firms and Chinese trading companies in its latest push to isolate the rogue nation over its nuclear weapons development and deprive it of revenue.

The Treasury Department also designated a North Korean corporation involved in exporting workers overseas. The action Tuesday came a day after the United States returned North Korea to its list of state sponsors of terrorism.

“These designations include companies that have engaged in trade with North Korea cumulatively worth hundreds of millions of dollars,” Treasury Secretary Steven Mnuchin said in a statement. “We are also sanctioning the shipping and transportation companies, and their vessels, that facilitate North Korea’s trade and its deceptive maneuvers.”

Among those targeted were four Chinese-based companies and one Chinese individual said to have deep commercial ties with North Korea. The sanctions were imposed under a September executive order that opened the way for the U.S. to punish foreign companies dealing with the North. It bars those sanctioned from holding U.S. assets or doing business with Americans.