The White House announced Thursday that President Trump signed an executive order, approving of strict sanctions against North Korea over its nuclear and missile program.
The announcement came in a speech the president gave just prior to a luncheon meeting with leaders from Japan and South Korea.
The president made it clear in no uncertain terms that anyone who does business with North Korea will be on the United States’ blacklist, saying, “Foreign banks will face a clear choice: Do business with the United States or facilitate trade with the lawless regime in North Korea – and they won’t have so much trade.”
“Today, I’m announcing a new executive order, just signed, that significantly expands our authority to target individual companies, financial institutions that finance and facilitate trade with North Korea,” President Trump began.
“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,” Trump asserted.
“The brutal North Korean regime does not respect its own citizens or the sovereignty of other nations. Our new executive order will cut off sources of revenue that fund North Korea’s efforts to develop the deadliest weapons known to humankind. The order enhances the treasury department’s authority to target any individual or entity that conducts significant trade in goods, services or technology with North Korea,” the president said.
President Trump commended the Central Bank of China for its recent decision to crack down on trade with North Korea, as the Central Bank just told all of its banks to immediately cease doing business with North Korea.
Trump said the U.S. would be identifying and targeting North Korea’s textiles, fishing, information technology, and manufacturing industries with strong sanctions.
He added that the order also includes measures designed to disrupt critical North Korean shipping and trade networks in order to prevent sanctions evasion.
“The United States has had representatives working on this problem for over 25 years, and they have done nothing,” Trump stated. “That’s why we’re in the problem that we’re in today, in addition to, frankly, other countries not doing what they should have done. Tolerance for this disgraceful practice must end now,” Trump added emphatically.
“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 to North Korea.”
Trump encouraged other countries to follow suit and impose their own sanctions against North Korea just as the United States has.
During a 3 p.m. press briefing in New York City, Sec. of Treasury Steve Mnuchin said in no way are these sanctions a direct hit on China.
— Donald J. Trump (@realDonaldTrump) September 21, 2017
Below is a video of his full speech:
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