Speaking at United Nations headquarters in New York City on Thursday, Trump said the order would increase the American ability to clamp down on individuals and companies that do business with North Korea.
Flanked at a table by Treasury Secretary Steven Mnuchin, Vice President Mike Pence, Secretary of State Rex Tillerson and US Ambassador to the UN Nikki Haley, Trump made the announcement before meeting with Japanese Prime Minister Shinzo Abe and South Korean President Moon Jae-in at a lunch.
US allies – Japan and South Korea -- have called for enforcing existing international sanctions as the best way to get Pyongyang to give up its nuclear weapons program.
Trump said he had authorized the Department of the Treasury to “target any individual or entity that conducts trade in goods, services or technology” with North Korea.
The presidential order also includes measures aimed at disrupting “critical North Korean shipping and trade networks.”
Trump said North Korea’s nuclear and ballistics programs “is a grave threat to peace and security in our world, and it is unacceptable that others financially support this criminal rogue regime.”
“The brutal North Korean regime does not respect its own citizens or the sovereignty of other nations. A new executive order will cut off sources of revenue that fund North Korea's efforts to develop the deadliest weapons known to human kind,” added the president of a country which has thousands of nuclear weapons and is the only state which actually used this weapon of mass destruction during the World War II.