The executive order from U.S. President Donald Trump on Sept. 21 regarding sanctions against North Korea is comprehensive to the point where it covers finance and trade. It can be seen as President Trump’s attempt to increase pressure on China to sever trade with North Korea, just ahead of his Asia trip, scheduled for early November.
When we examine the content of the executive order, in terms of the economy, the order grants the Secretary of the Treasury to impose sanctions on foreign banks who either trade directly with North Korean individuals and entities, or facilitate trade. In a press briefing on the same day, Treasury Secretary Steve Mnuchin said, “These sanctions are very significant because not only does it allow us to sanction individuals or entities but it allows us to freeze or block any transactions, with any financial institution, anywhere in the world that facilitates any transactions with the blocked person.”
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