North Korea Could Lose $1 Billion in Exports Under U.N. Measure<br />The penalties were contained in a draft Security Council resolution<br />that American diplomats have been working on since North Korea launched its first successful intercontinental ballistic missile a month ago, demonstrating an ability to attack the United States homeland.<br />4, 2017<br />The United States hit North Korea at the United Nations on Friday with a proposed set of unprecedented economic penalties,<br />punctuated by a one-third cut in its export revenue, to punish the isolated country for its missile and nuclear tests.<br />He called it "the most impactful and expansive set of sanctions to date." The draft resolution, which "condemns in the strongest terms" the July 4<br />and July 28 missile tests, would also place new limits on North Korea’s joint ventures and Foreign Trade Bank, and prohibit the country from sending more workers to overseas jobs — another important source of revenue for the impoverished nation of 25 million people.<br />The North has also threatened to punish the United States<br />and its other perceived foes — South Korea and Japan — with a "nuclear sword of justice." The American-drafted resolution, which was circulated on Friday to all 15 Security Council members, is scheduled to be put to a vote on Saturday afternoon.<br />"North Korea has always been able to find loopholes." The United States put forward the resolution three days after Secretary of State Rex W. Tillerson offered to<br />open negotiations with the North Koreans by assuring "the security they seek" as well as new economic opportunities — if the North abandoned its nuclear weapons.<br />American intelligence assessments have generally concluded<br />that the North Korean leader has no incentive to negotiate with the United States until his country emphatically shows that it could arm a missile with a nuclear weapon that could reach the American mainland.
