President Trump announced broader sanctions targeting North Korea that impose penalties on people and entities trading with the northeast Asian nation. The sanctions also bar financial institutions worldwide that facilitate such trade from doing business in the U.S.
“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 said. “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 sanctions, spelled out in an executive order, directly target North Korea’s shipping and trade networks. The executive order authorizes sanctions on people involved in North Korea’s industries and ports and imports to or exports from North Korea.
Under the new sanctions, vessels and aircraft that visit North Korea will be banned from visiting the United States for 180 days.
“Foreign financial institutions are now on notice that, going forward, they can choose to do business with the United States or with North Korea, but not both,” said U.S. Treasury Secretary Steven Mnuchin.
“Many countries are working with us to increase economic and diplomatic pressure on North Korea,” Trump said, “but I continue to call on all those responsible nations to enforce and implement U.N. sanctions and impose their own measures like the ones I am announcing today.” The president praised China’s decision to order its banking network to stop all business with North Korea.