Published: Fri, September 22, 2017
Global Media | By Meredith Barber

Donald Trump signs executive order targeting North Korea's trading partners

Donald Trump signs executive order targeting North Korea's trading partners

Tensions between the United States and North Korea have ratcheted up after the sixth and most powerful nuclear test conducted by Pyongyang on Sept 3 prompted the United Nations Security Council to impose further sanctions last week.

He said the actions will be "forward looking" and will take effect immediately in an effort to force President Kim Jong Un to cease his "hostile behavior".

The bloc has agreed a new package of measures, including a ban on investments in North Korea and on European Union exports of oil, the sources said on condition of anonymity.

Trump said the order specifically enhanced the Treasury Department's authority to target those conducting significant trade with the regime, including giving the US government the ability to sanction foreign banks.

Beijing has been stepping up pressure on China as the Trump administration threatens to punish China for any failures to follow through on punitive sanctions.

European Union ambassadors have reached an initial agreement to impose more economic sanctions on North Korea, going beyond the latest round of United Nations measures, officials and diplomats said on Thursday.

Foreign banks "can choose to do business with the United States or with North Korea but not both".

He said the Treasury Department would work with other federal agencies, including the Coast Guard, to enforce the new sanctions.

The new measures are meant to show solidarity with European Union trade partners South Korea and Japan, and their direct effect is likely to be limited.

"We look forward to working very closely with them".

"We call on all countries around the world to join us by cutting off all trade and financial ties with North Korea in order to achieve a denuclearized Korean peninsula".

China's central bank asked local banks to stop providing services to new North Korean customers and scale back existing businesses with customers from the neighboring nation, Reuters reported Thursday.

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