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Trump claims Chinese banks won't do business with North Korea

Thu, 21 Sep 2017 17:12:21 +0000

iStock/Thinkstock(WASHINGTON) -- President Donald Trump claimed Thursday that China has ordered its banks to stop doing business with North Korea -- the rogue regime's principal trading partner.

"I'm very proud to tell you that, as you may have just heard moments ago, China, their central bank has told their other banks  -- that's a massive banking system -- to immediately stop doing business with North Korea," Trump said at the United Nations alongside South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe.

"Again, I want to just say and thank President Xi of China for the very bold move he made today. That was a somewhat unexpected move, and we appreciate it."

The remarks came a short time after Trump signed an executive order aimed at companies and financial institutions that do business with North Korea.

The remarks came a short time after Trump signed an executive order aimed at companies and financial institutions that do business with North Korea.

“Foreign banks will face a clear choice to do business with the United States or facilitate trade with the lawless regime in North Korea,” Trump said.

Trump argued that the new presidential action taken will “cut off sources of revenue that fund North Korea's efforts to develop the deadliest weapons known to humankind.” Early this month, North Korea conducted its sixth and most powerful nuclear test to date, and last week it fired a missile over Japanese airspace. Abe welcomed the new sanctions enforced by the United States.

According to Trump, the U.S. Treasury Department will also begin identifying new industries that it can target with strong sanctions, such as the manufacturing, fishing, and textiles industries.

“For much too long, North Korea has been allowed to abuse the international financial system to facilitate funding for nuclear weapons and missile programs,” Trump said.

Trump said the U.S. seeks a “complete denuclearization of North Korea."

The new sanctions from the Trump administration come two days after Trump told the United Nations that the U.S. would "totally destroy" North Korea if leader Kim Jong Un does harm to the U.S. or its allies.

"The United States has great strength and patience, but if it is forced to defend itself or its allies, we will have no choice but to totally destroy North Korea," Trump said Tuesday in his first address to the United Nations General Assembly.

"Rocket Man is on a suicide mission for himself and for his regime," Trump said, using an epithet he has recently adopted to refer to Kim Jong Un.

Trump had teased the announcement earlier in the day, during his bilateral meeting with President Moon, and told reporters to “stay tuned.”

During that meeting, Moon praised Trump's speech Thursday as "strong," and said he believes it will "help contain North Korea."

"North Korea has continued to make provocations, and this is extremely deplorable, and this has angered me and our people," President Moon said. "The United States has responded firmly and in a very good way."

“I'm happy you used the word deplorable,” Trump said, getting some laughs from the room. “I promise, I did not tell them to use that word.”

“That’s been a very lucky word for me and many millions of other people,” Trump said, referencing Democratic nominee Hillary Clinton’s once characterizing some of Trump’s supporters as “deplorable” during the election.

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