Even before North Korea detonated its most powerful nuclear bomb yet, Japan was calling for moves to cut off its oil supply.Afterward, U.S. President Donald Trump threatened to halt all trade with any country that does business with Kim Jong Un’s regime. China, which supplies most of its food and fuel, on Monday called the warning “unacceptable.”Some sort of oil embargo is likely to come up as the international community discusses a response to the nuclear test, starting with a United Nations Security Council meeting later Monday. China has resisted such a move in the past over fears that North Korea might collapse, but has grown increasingly frustrated with its rogue ally.Still, while China might make a gesture to Trump in an effort to defuse his criticisms, it may not be the panacea the U.S. president is looking for, and do little in a practical sense to slow Kim down.
Source: China’s Oil Lifeline to North Korea Targeted After Nuclear Blast – Bloomberg
Risk Aversion Spreads After Latest Missile Test
North Korea Thermonuclear Ambitions Rock Markets
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.