Recent missile tests by North Korea and hawkish commentary from President Donald Trump have brought the issue of sanctions back onto the agenda. China’s total trade with North Korea fell 2% on a year earlier in the first quarter according to government data. Imports fell 32%, reflecting earlier sanctions against sales of coal and metals by North Korea. Yet, China’s exports have grown, rising 15% in the first quarter. As a result it had a trade surplus vs. North Korea of $915 million in the 12 months to end May. Options to reduce trade even further are limited. Food exports accounted for ...