U.S. President Donald Trump on Thursday announced a new Executive Order (EO) targeting North Korea’s trade and shipping networks, while also granting the U.S. Treasury Department additional powers to sanction banks dealing with the DPRK.

Speaking to reporters at a trilateral meeting between the U.S., Japan, and South Korea, Trump said North Korea had been abusing international trade and financial systems for over 25 years.

“The new order will give the Treasury Department the discretion to sanction any foreign bank that knowingly conducts or facilitates significant transactions tied to trade with North Korea,” Trump said.

“(The EO) also includes measures