Trump Tweet Reversing North Korea Sanctions Has Had No Impact On The Ground, Pentagon Official Says

Author photo

By

Senior economics reporter

North Korean leader Kim Jong Un met with President Donald Trump in Hanoi, Vietnam, earlier this year.

President Donald Trump tweeted last week that he was reversing certain sanctions that had been placed on North Korea by his administration.

But the tweet has actually not altered anything on the ground, a senior Pentagon official said Wednesday.

“As I understand it, none of the sanctions have been removed or changed since the tweet,” Randall Schriver, assistant secretary of defense for Indo-Pacific securities affairs, told a House Armed Services Committee hearing.

Initial reports last week said Trump was seeking to reverse Treasury Department sanctions on two Chinese companies that had been trading with North Korea.

That report rattled former Treasury officials, who said reversing the agency’s decision would undermine the U.S. government’s policy to denuclearize the reclusive Asian country.

Read: Trump’s reversal of North Korea sanctions is ‘a scandal,’ former Treasury official says

Over the weekend there were conflicting news accounts about what North Korea sanctions Trump was actually referring to. Some reports, quoting unidentified government officials, said Trump was actually talking about a new set of North Korea sanctions under development.

On Tuesday, Bloomberg reported that Trump really did intend to reverse sanctions imposed on the two Chinese shipping companies. The report said White House officials persuaded him to back off and then devised a misleading explanation of his tweet.

Want news about Asia delivered to your inbox? Subscribe to MarketWatch's free Asia Daily newsletter. Sign up here.

RECENT NEWS

What A Rising VIX Means For Pension Funds

Wall Street’s latest selloff has moved beyond a technology-sector wobble and become a broad market event. The Nasdaq C... Read more

Behaviour Cannot Fix A Portfolio Construction Flaw

A Retiree Shouldn't Be Asked to Behave Their Way Out of a Portfolio Construction Problem Why behavioural coaching shoul... Read more

Behavioural & Retirement Portfolio Resilience

Behavioural Survivability and Retirement Portfolio Resilience Why the lived experience of market recovery matters as mu... Read more

Australia's Rate Rise Bites: Highest In 15 Years

The Reserve Bank of Australia has lifted interest rates to their highest level since 2011, and its governor admits the w... Read more

October Retirement Portfolio Resilience Assessment

Markets stabl Read more

Gyrostat September Retirement Portfolio Resilience Assessment

September Retirement Portfolio Resilience Assessment Markets have fallen. The price of risk has risen. ... Read more