Trump says U.S. to target firms doing business with North Korea

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He added the order would also allow the USA to identify new industries - including textiles, fishing and manufacturing - as potential targets for future actions.

Speaking at United Nations headquarters in New York City on Thursday, Trump said the order would increase the American ability to clamp down on individuals and companies that do business with North Korea.

The president also praised China's central bank for ordering other Chinese banks to stop doing business with Pyongyang.

Kim, in a lengthy statement released by North Korean state media KCNA, used the first person to respond to Trump's own fiery statements, which is rather unusual and exceptional, says Martyn Williams, a longtime North Korea media specialist who runs the site North Korea Tech.

During the announcement on Thursday, Trump was asked by reporters if dialogue was still possible with Pyongyang, and he replied "Why not?" That development was reported by Reuters news agency on Thursday. "For much too long, North Korea has been able to abuse the global financial system", to finance its nuclear ambitions, he said.

Through executive orders and other measures extending back to the Clinton administration, the United States has been trying to undermine the economic underpinnings of the North Korean nuclear weapons program.

Mr Trump said "tolerance for this disgraceful practice must end now".

Tensions have escalated in recent weeks over Pyongyang's missile and nuclear weapons program, despite intense pressure from world powers.

Donald Trump addressed the United Nations this week, called the North Korean leader "rocket man" and threatened to wipe the hermit state out if it attacked the U.S. or its allies.

Chinese Foreign Minister Wang Yi urged North Korea not to go further in a "dangerous direction" with its nuclear programme. The crisis has dominated the Trump's debut at this week's annual U.N. General Assembly meeting.

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McKinney, a retired Army colonel who spent more than 40 years working on US-Korea military planning, said he was more concerned that North Korea may test-fire a missile toward Guam, a US territory in the Pacific.

Speaking on condition of anonymity, the sources said that European Union members also want to blacklist more North Korean individuals and entities, a move that would freeze their assets in the bloc and ban them from entering its territory.

In Brussels, the 28-country European Union agreed to a ban on investments in North Korea and on European Union exports of oil, diplomatic sources said.

"Foreign banks will face a clear choice: do business with the US or facilitate trade with the lawless regime in North Korea", Trump said. But he held out hope that could be avoided through economic and diplomatic pressure.

The U.N. Security Council has unanimously imposed nine rounds of sanctions on North Korea since 2006, the latest this month capping fuel supplies to the isolated state.

"The motto "Our country first" not only leads to more national confrontations and less prosperity". It also issues a 180-day ban on vessels and aircraft that have visited North Korea from visiting the United States. North Korea's Foreign Minister Ri Yong Ho called Trump's comments "the sound of a dog barking".

The document directed banks to explain to any North Korean customers that "our bank is fulfilling our worldwide obligations and implementing United Nations sanctions against North Korea".

Trump claimed that China's central bank has ordered its banks to curb trade with North Korea.

In 2016, North Korea had exports worth around $3 billion, a vital source of revenue for the regime, according to the East-West Center. "This time, he methodically built a case against the North Korean regime and made clear any US strike would only be in response to an attack".

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