President Trump announced on Thursday new economic sanctions on “individuals, companies, financial institutions that finance and facilitate trade with North Korea.” Making a statement in New York at the beginning of a meeting with South Korean president Moon Jae-in and Japanese prime minister Shinzo Abe, Trump said he had just signed an executive order authorizing the sanctions. He said the United States seeks a “complete denuclearization” of the Pyongyang regime.
“North Korea’s nuclear weapons and missile development is a grave threat to peace and security in our world, and it is unacceptable that others financially support this criminal, rogue regime. The brutal North Korean regime does not respect its own citizens or the sovereignty of other nations,” said Trump.
“Our new order will give the Treasury Department the discretion to sanction any foreign bank that knowingly conducts or facilitates significant transactions tied to trade with North Korea,” he said. “Foreign banks will face a clear choice: Do business with the United States or facilitate trade with the lawless regime in North Korea.”
Trump also noted recent reports that China’s central bank had ordered the rest of that country’s banks to stop doing business with North Korea. China is the isolated regime’s chief and most crucial trading partner.
“I want to just say and thank President Xi of China for the very bold move he made today,” Trump said. “That was a somewhat unexpected move and we appreciate it.”
The administration had not yet released the text of the executive order nor more details on the sanctions or how they will be implemented.
