Trump signed the executive order two days after he warned North Korea of “total destruction” if its leader Kim Jong-Un, whom he mockingly described as a “Rocket Man”, continued with his provocative behaviour.
Trump said he has signed an executive order that gives the US Treasury new authority to “target” businesses and entities that “finance and facilitate trade with North Korea” and send goods, services and technology to North Korea.
“It is unacceptable that others financial support North Korea,” Trump said in a brief interaction with reporters at a luncheon with leaders from South Korea and Japan.
He praised the “very bold move” taken by China’s central bank to stop financial transactions with North Korea.
He said the US’ goal is “complete denuclearisation” of North Korea.
“North Korea has continued to make provocations and this is extremely deplorable and this is angered both me and our people,” said the South Korean President Moon Jae-in.
“But the US has responded firmly and in a very good way. Because of this I also believe we have very close coordination between Korea and the United States and because of this I am very satisfied,” he said.
North Korea fired a missile over Japan earlier this month and tested a hydrogen bomb, prompting Trump to insist that “all options were on the table” in an implied threat of pre-emptive military action.
In his maiden address to the UN General Assembly on Tuesday, Trump said that no nation on Earth has an interest in seeing “this band of criminals” arm itself with nuclear weapons and missiles.
The UN Security Council recently held two unanimous 15-to-0 votes adopting hard-hitting resolutions against North Korea, he said.