President Trump just announced some new sanctions that have some real teeth against North Korea. He also was pleased to be able to confirm the assistance of China, critical to the success of any effort, in enforcing the action intended to constrict and cripple the economic activities of Pyongyang.
President Trump told reporters on Thursday, “Today I’m announcing a new executive order I just signed that significantly expands our authorities to target individuals, companies, financial institutions that finance and facilitate trade with North Korea.
He said “The new executive order will cut off sources of revenue that fund North Korea’s efforts to develop the deadliest weapons known to humankind.”
Trump explained, “The order enhances the Treasury Department’s authorities to target any individual or entity that conducts significant trade in goods, services or technology with North Korea, and I’m very proud to tell you that, as you may have just heard moments ago, China, their central bank, has told their other banks, that’s a massive banking system, to immediately stop doing business with North Korea.”
President Trump also pledged to identify new industries, “in addition to textiles, fishing, information technology and manufacturing that the Treasury Department can target with strong sanctions.” The order “also includes measures designed to disrupt critical North Korean shipping and trade networks.”
President Trump noted, “For much too long North Korea has been allowed to abuse the international financial system to facilitate funding for its nuclear weapons and missile programs. The United States has had representatives working on this problem for over 25 years. They have done nothing.”
He added, “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.”
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