President Donald Trump praised China’s central bank after they ordered banks to cease doing business with North Korea.
“I want to just say and thank President Xi of China for the very bold move he made today,” Trump said. “It was a somewhat unexpected move and we appreciate it.
Chinese banks were told in a memo to cease working with new and existing North Korean entities, according to a Reuters report, citing the need to cooperate with United Nations sanctions.
Trump also announced a new executive order, allowing the Treasury Department to target foreign banks and businesses doing business with North Korea with sanctions.
“Foreign banks will face a clear choice: Do business with the U.S. or facilitate trade with the lawless regime in North Korea,” Trump said in a statement during a meeting with South Korean President Moon Jae-in and Japan Prime Minister Shinzo Abe in New York City.
Trump said that North Korea had abused the financial system to fund their nuclear weapons programs and continued threatening their neighbors.
“I must tell you that this is a complete denuclearization of North Korea that we seek,” Trump said. “We cannot have this as a world body any longer.”