The Latest: US wants to work with China despite new sanction

The Latest on the U.S. penalties against a Chinese bank and others over their dealings with North Korea (all times local):

2:20 p.m.

Treasury Secretary Steven Mnuchin (mih-NOO'-shin) says the U.S. still wants to work with China — even as the U.S. is penalizing a Chinese bank that's accused of illicit dealings with North Korea.

Here's what Munchin is saying at a White House briefing: "We are in no way targeting China with these actions."

His Treasury Department is branding the Bank of Dandong a "primary money laundering concern," and is proposing to severe the bank from the U.S. financial system, pending a 60-day review period.

Munchin calls it a "very significant" step.

He says the U.S. is committed to cutting off all illegal funds to North Korea, which conducts 90 percent of its foreign trade through China.

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2:05 p.m.

The Trump administration has blacklisted a Chinese bank accused of illicit dealings with North Korea. The U.S. move escalates pressure on Beijing to rein in North Korea, its wayward ally.

The Treasury Department calls the Bank of Dandong a "primary money-laundering concern" and is proposing severing the bank from the U.S. financial system, pending a 60-day review period.

The announcement reflects growing U.S. frustration over China's efforts to enforce international penalties that are intended to starve North Korea of revenue for its nuclear and missile programs.

Dandong — a northeastern Chinese city on the North Korean border — is a gateway for trade with isolated North Korea.

The U.S. also is penalizing a Chinese shipping company and two Chinese individuals accused of facilitating illegal activities by North Korea.