allies in the world. particularly some of the strongest potential allies when it comes to the chinese flooding the market with cheap steel. so the europeans should be our natural allies on this. they re also suffering the consequences of the chinese dumping steel on the global market. why aren t we reaching out to them to have them help us solve the problem with a case in front of the wto, and instead of slapping sanctions on them, and inviting them to retaliate against our job creators here in the u.s.? it is an incredibly stupid policy. i guess we just don t know given that it is still in flux what the total impact will be on the economy, because we also don t know how other countries are going to retaliate against us. and, scott, yes, it was a campaign promise, but now you are so many within the republican party who are using the same words, calling it stupid, dumb policy, et cetera, mitch mcconnell, you got house speaker ryan, is this the president just delivering on he s going i
we have to involve our allies and involve countries that can, perhaps, influence north korea. but we have no guarantee. this to me is a most dangerous situation that we face today in the entire world. if north korea tests a nuclear missile, how should the u.s. respond? well, i think we have to respond again by slapping sanctions. it hasn t work in the past. you know, we had the cold war with the soviet union and the united states. and there was never a nuclear war because there was a deterrence. they understood if they made certain moves there would be a price to pay. at some point, north korea is going to have to understand that as well. and so i think that perhaps that will ultimately make it, make it less likely that there would be a war. but they have to understand that we re not just going to sit there and allow them to get stronger and stronger at a point where they can bully everybody
he said this was more than just a provocation. this was violence against a neighbor. now we have heard condemnation from across the world. but the fact is this will make very little difference to north korea. it has said it will continue to keep going with the missile launches. of course that information earlier in the week. the nis saying preparations are still ongoing for another nuclear test renae. north korea remains defiant. paula, thank you so much. let s check on cnn money stream, the latest missile launch could spell more sanctions for the country. the u.n. already hit the major exports earlier. slapping sanctions on $1.0 billion worth of coal, iron ore and sea food. of course there is text tiles and oil. no sanction will be truly effective without china s potter. china says it upholds all u.n.
disturbing. one police officer caught on fire from that explosion. the u.s. now considering slapping sanctions on its vital oil industry. the state department condemning the election, as well. let s get the latest from cnn s laila santiago, live in caracas. good morning. we heard estimates of 40% turnout in that election. are you hearing any independent analysis of how many people did vote? reporter: at this point, a back and forth as the opposition calls this a frauds, as the a fraud, as the government calls this a victory. you know, there were more than 19 million voters that were eligible to take part in this election yesterday. and we know that the government is saying more than eight million voted. the opposition is saying that that less than one-third of that actually showed up to vote. no independent agencies chime
and in response to venezuela s controversial election, the u.s. is considering slapping sanctions on the vital oil industry. right now, venezuela s only source of income is oil exports. the u.s. is one of its top customers. so sanctions would further cripple its economy. two senior administration officials have confirmed they could be announced as early as today. oil sanctions, they re kind of a double-edged sword. american energy firms rely on venezuela s cheap crude, and cutting it off could cause u.s. gas prices to rise. at the moment, sanctions on imports, they don t look likely. even a likely ban on the sale of crude to venezuela, that could still hurt america s supply. and that s because venezuela mixes u.s. crude with its own before it ships it back to the u.s. meantime, corporate america has already fled venezuela over the instability, names that you recognize delta and united airlines, they re suspending flights. gm shut operations after the government seized its plant in