World

Trump announces new economic sanctions targeting North Korea over nuclear program

President Trump directed the US Treasury on Thursday to level new economic sanctions against North Korea and its leader, Kim Jong-Un.
KCNA via European PressPhoto Agency
President Trump directed the US Treasury on Thursday to level new economic sanctions against North Korea and its leader, Kim Jong-Un.

NEW YORK — President Trump announced an executive order Thursday granting the Treasury Department additional authority to enforce economic sanctions on North Korea and target foreign companies and individuals that do business with the rogue nation in Northeast Asia.

Trump said the new powers aim to cut off international trade and financing that dictator Kim Jong Un’s regime uses support its nuclear and ballistic missile weapons programs. The president also said that Chinese President Xi Jinping had ordered Chinese banks to cease conducting business with North Korean entities. Trump called the move ‘‘very bold’’ and ‘‘somewhat unexpected,’’ and he praised Xi.

‘‘North Korea’s nuclear program 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 in brief public remarks during a meeting with the leaders of South Korea and Japan to discuss strategy to confront Pyongyang.

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He added that the United States continues to seek a ‘‘complete denuclearization of North Korea.’’

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He added that the order will give Treasury Secretary Steve Mnuchin the ‘‘discretion to target any foreign bank knowingly facilitating specific transactions tied to trade with North Korea.’’

A White House fact sheet said the executive order imposes a 180-day ban from the United States on airplanes or ships that have visited North Korea, a move to crack down on illicit trade.

‘‘This significantly expands Treasury’s authority to target those who enable this regime...wherever they are located,’’ Mnuchin said.

Trump’s announcement came as he has sought to rally international support for confronting Pyongyang during four days of meetings here at the United Nations General Assembly. In a speech to the world body on Tuesday, Trump threatened to ‘‘totally destroy’’ the North if necessary and referred derisively to Kim as ‘‘rocket man.’’ But the president and his aides have emphasized that they are continuing to do what they can to put economic and diplomatic pressure on the North in order to avoid a military conflict.

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‘‘We are witnessing a very dangerous confrontation spiral,’’ Russian Foreign Minister Sergey Lavrov said in a speech to the United Nations, filling in for President Vladimir Putin, who skipped the forum. ‘‘We resolutely condemn the nuclear missile adventures of Pyongyang in violation of Security Council resolutions. But military hysteria is not just an impasse, it’s disaster...There is no alternative to political and diplomatic ways of settling the nuclear situation on the Korean Peninsula.’’

China is North Korea’s largest trading partner, but Mnuchin emphasized that ‘‘this action is in no way specifically directed at China,’’ and he said he called Chinese officials ahead of the announcement to give them a heads up.

In recent weeks, the UN Security Council has approved two rounds of economic sanctions but also left room for further penalties. For example, the sanctions put limits on the nation’s oil imports but did not impose a full embargo, as the United States has suggested it supports. The Trump administration has signaled it also wants a full ban on the practice of sending North Korean workers abroad for payments that largely go to the government in Pyongyang.

Sitting down with South Korean President Moon Jae-in before the trilateral discussion with Japan, Trump said the nations are ‘‘making a lot of progress.’’

Moon praised Trump’s speech to the UN, saying through a translator that ‘‘North Korea has continued to make provocations and this is extremely deplorable and this has angered both me and our people, but the US has responded firmly and in a very good way.’’

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The Security Council had also applied tough new export penalties in August, and US Secretary of State Rex Tillerson said Wednesday that there are signs those restrictions are having an economic effect.

‘‘We have some indications that there are beginning to appear evidence of fuel shortages,’’ Tillerson said in a briefing for reporters. ‘‘And look, we knew that these sanctions were going to take some time to be felt because we knew the North Koreans...had basically stockpiled a lot of inventory early in the year when they saw the new administration coming in, in anticipation of things perhaps changing. So I think what we’re seeing is a combined effect of these inventories are now being exhausted, and the supply coming in has been reduced.’’

There is no sign, however, that economic penalties are having any effect on the behavior of dictator Kim Jong Un’s regime and its calculation that nuclear tests and other provocations will ensure its protection or raise the price of any eventual settlement with the United States and other nations.

All UN sanctions have to be acceptable to China, North Korea’s protector and chief economic partner. China’s recent willingness to punish its fellow communist state signals strong disapproval of North Korea’s international provocations, but China and fellow UN Security Council member Russia have also opposed some of the toughest economic measures that could be applied, such as banking restrictions that would affect Chinese and other financial institutions.

‘‘We continue to call on all responsible nations to enforce and implement sanctions,’’ Trump said.