Donald Trump has issued a new executive order that expands US sanctions on North Korea’s shipping, banking, ports and manufacturing. Trump also claimed China’s banking system had shut down business with the country.
Reuters reported earlier in the day that China’s central bank had ordered financial institutions to implement UN sanctions rigorously after frequent complaints from Washington that Beijing was leaving open too many loopholes.
Trump thanked China’s President Xi Jinping and said the move was “very bold” and “somewhat unexpected”.
There was no immediate confirmation from the Chinese government that it had imposed a financial embargo on North Korea. If confirmed, it would represent a significant tightening of the economic noose around the Pyongyang regime, by a country which accounts for 90% of its trade.