US Treasury Secretary Mnuchin speaking at the White House

  • Calls on all countries to cut Off trade with North Korea
  • Looks forward to working closely with China's central bank
  • Will work with US partners to stop North Korea from using financial system
  • Sanctions order is forward-looking. Will be applied to behavior that occurs after it's signing on Thursday
  • Don't believe other sanctions have failed
  • Mnuchin had a productive conversation on Thursday with Chinese central bank leaders
  • US will call on Russia to do more on North Korea situation

Meanwhile in China:

  • China's foreign minister says China will stay firmly committed to denuclearization of Korean Peninsula
  • There is still hope for peace, negotiation is the only way out of North Korea crisis

Having China on board is an important piece in success for the sanctions and resolution of N. Korea's behavior.