Trump boosts sanctions on North Korea

President Trump signed an executive order today ratcheting up economic sanctions on North Korea, citing "provocative" and "destabilizing" actions, including the country's recent series of intercontinental ballistic missile launches.

The executive order also targets foreign financial institutions that do business with North Korea.

"Foreign financial institutions must choose between doing business with the United States or facilitating trade with North Korea or its designated supporters," according to a White House fact sheet.

The order imposes a 180-day ban on vessels and aircraft that have visited North Korea from coming to the United States.

"This ban also targets vessels that have engaged in a ship-to-ship transfer with a vessel that has visited North Korea within 180 days," the fact sheet states. "North Korea is dependent on its shipping networks to facilitate international trade."

The order also authorizes the treasury secretary, in consultation with the secretary of state, to impose sanctions on North Korea's industrial, shipping ports and import/export activities.

Additionally, the order provides the authority for the U.S. government to impose sanctions on any foreign financial institution that "knowingly conducts or facilitates any significant transaction on behalf of certain designated individuals and entities, or any significant transaction in connection with trade with North Korea," according to the fact sheet.