President Trump signed an executive order Thursday targeting North Korea’s trading partners, calling it a “powerful” new tool aimed at isolating and de-nuclearizing the regime.
The president announced the order as he met with South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe on the sidelines of the U.N. General Assembly.
He said the order would help target individuals and companies doing business with Pyongyang. Specifically, he said it enhances the Treasury Department’s authority to target those conducting significant trade with the regime, including by sanctioning foreign banks.
“It is unacceptable that others financially support this criminal rogue regime,” Trump said.
He added, “Foreign banks will face a clear choice. Do business with the United States, or facilitate trade with the lawless regime in North Korea.”
On the heels of giving a blistering speech before the U.N. General Assembly where the president blasted “rocket man” Kim Jong Un, Trump said Thursday that he seeks a “complete de-nuclearization” of North Korea.
“We cannot have this as a world body any longer,” he said.
Trump also praised China following reports that its banks are halting business with North Korea.
Chinese banks received a document Monday stating they should halt financial services and loans to new and existing North Korean customers as a result of strict U.N. sanctions passed earlier this month, a source told Reuters on Thursday.
“Our bank is fulfilling our international obligations and implementing United Nations sanctions against North Korea. As such, we refuse to handle any individual loans connected to North Korea,” the document reportedly said.
The move comes after repeated calls from the Trump administration for China to help isolate Kim Jong Un’s dictatorship.
“We appreciate it,” Trump said Thursday.