The U.S. Treasury Department has extended its sanctions against North Korea to focus on the shipping industry. That came after evidence of sanctions evasion in the oil industry emerged. While the move may help with enforcement of existing sanctions, China continues to hold the main economic power over North Korea. China appears to be applying current sanctions with the result that its total trade with North Korea fell 52% in January on a year earlier. Yet, there was still a $216 million trade surplus on China’s behalf, bringing the 12 month trailing total to $1.7 billion. That’s 3.4x ...