TOKYO — As the U.S.-North Korea summit looms, President Donald Trump’s maximum pressure policy on North Korea may be working — thanks to China. Estimates vary, but it is believed that roughly half of all transactions in the North Korean economy are made in foreign currencies, with the Chinese yuan being the most common. — North Korean steel imports from China have also collapsed in 2018, and the same goes for cars. Wolf notes that it’s unclear if China is blocking such exports or North Korea simply can’t afford them. China’s economy is also dealing with overproduction in many industries and its demand for North Korean imports is low.

Source: National Post April 07, 2018 04:18 UTC