If the Trump administration puts sanctions on China, this would hurt America more because it just forces China and Russia and other countries to cooperate, says investor and financial commentator Jim Rogers.
US Treasury Secretary Steven Mnuchin warned on Tuesday that the US could impose economic sanctions on China if it does not implement the new sanctions regime against North Korea, saying that the restrictions could involve cutting off Beijing’s access to the US financial system.
“If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the US and international dollar system, and that’s quite meaningful,” Mnuchin said at the Delivering Alpha Conference in New York City.
The UN Security Council unanimously approved a resolution banning North Korea’s textile exports and capping its oil imports following Pyongyang’s sixth nuclear test conducted last week.
RT spoke to famous investor, author, and financial commentator Jim Rogers to discuss global perspectives in the case of the US imposing sanctions on China.
RT: What is the likelihood that the US will go through with and actually impose economic sanctions on China if it does not implement the new sanctions regime against North Korea?
Jim Rogers: Sanctions are sanctions. They could do sanctions which are not very important or don’t do much damage. And then they will have good public relations which says they have sanctions, but it is meaningless. I would suspect if anything, that is what they will start with. If they put sanctions on China in a big way, it brings the whole world economy down. And in the end, it hurts America more than it hurts China because it just forces China and…