Trump announces new sanctions against North Korea

The president called financial support of North Korea "unacceptable."
4:31 | 09/21/17

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Transcript for Trump announces new sanctions against North Korea
Today I'm announcing a new executive order just signed. That's significantly expands our authorities. To target individuals. Companies. Financial institutions. That finance and facilitate trade. Whipped North Korea. As I outlined at my address. To the United Nations General Assembly. North Korea's nuclear weapons and missile development is a grave threat. To peace. And security and 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. An executive order will cut off sources of revenue that fund north careers efforts. To develop the deadliest weapons known. Two human kind. The order enhances the treasury department's authorities to target. Any individual or entity that conduct significant trade in goods services or technology. With North Korea and I'm very proud to tell you that. As you may have just Terry moments ago. China. Their Central Bank. Has told there are other banks. That's a massive banking system. To immediately stop doing business with North. Korea. Just happened just reported. In addition. Do everything else what we will do is identify new industries. Including textiles fishing information technology and manufacturing. That the Treasury Department. Can target with strong. Sanctions. And secretary I'm addiction is representing the Treasury Department. Is here today to prevent sanctions evasion. The order also includes measures designed to disrupt critical North Korean shipping and trade networks. For much too long North Korea has been allowed to abuse the international financial system to facilitate funding. For its nuclear weapons and missile programs. United States is at representatives working on this problem for over 25 years they have done nothing. That's why we're in the problem that we're in today. In addition to frankly other countries not doing what they should have done. Tolerance for this disgraceful practice must. And now. And new order would give the Treasury Department the discretion to sanction any foreign bank that knowingly conducts. Or facilitate significant transactions. Tied to trade. With North Korea. And again our mortgages to say. And thank. President she. China for the very bold move he made today. Is a somewhat unexpected move and we appreciated. New authority. In this area applies to any activity that occurs. Following my signature on the executive order which I've actually genocide. Foreign banks will face a clear choice do business with the United States or. Facilitate trade with the lawless regime. In North Korea they won't have so much trade. This new order provides us with powerful new tools but are wannabe Claire the order targets only one country. And that country's North Korea. The regime can no longer count. On others to facilitate its trade. And banking activities. Many countries are working with us to increase economic and diplomatic pressure on North Korea. But I continue to call on all those responsible nations to enforce and implement. UN sanctions and imposed their own measures. Like the ones I am announcing. Today. I must. Tell you that this is a eight complete denuclearization. Of North Korea that we seek. Cannot have this. As a world body. Any longer.

This transcript has been automatically generated and may not be 100% accurate.

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