The US treasury has been authorized to target firms and financial institutions conducting business with North Korea.
The president also said China’s Central Bank had instructed other Chinese banks to stop doing business with Pyongyang.
It comes less than two weeks after the UN approved new sanctions against the country over its latest nuclear test.
Tensions have risen in recent weeks over the North’s continued nuclear and ballistic missile tests, despite pressure from world powers to stop.
Announcing a new executive order on Thursday, President Trump said the measures were designed to “cut off sources of revenue that fund North Korea’s efforts to develop the deadliest weapons known to humankind”.
He singled out the North’s textiles, fishing, and information technology and manufacturing industries.
“For much too long North Korea has been allowed to abuse the international financial system to facilitate funding for its nuclear weapons and missile programs,” he said.
He stressed that the sanctions were targeting “only one country, and that country is North Korea”.
His treasury secretary, Steven Mnuchin, later told reporters: “Foreign financial institutions are now on notice that going forward they can choose to do business with the United States or with North Korea, but not both.”
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