Trump Signs Executive Order Targeting North Korea’s Trading Partners
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.
“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.”
Treasury Secretary Steven Mnuchin echoed the president as he issued a warning to foreign banks at a news conference Thursday. “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,” he said.
Mnuchin said the executive order authorizes the Treasury Department to suspend U.S. account access to foreign banks that knowingly facilitate “significant transactions tied to trade with North Korea.”
“For too long, North Korea has evaded sanctions and used the international financial system to facilitate funding for its weapons of mass destruction and ballistic missile programs,” Mnuchin said. “No bank in any country should be used to facilitate Kim Jong Un’s destructive behavior.”
According to a fact sheet provided by the White House, the executive order issues a 180-day ban on vessels and aircraft that have visited North Korea from visiting the United States.
