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MIAMI (CBSMiami) — President Donald Trump has issued a new executive order ramping up economic pressure on North Korea to abandon its nuclear program.

On the sidelines of the U.N. General Assembly, President Trump issued a new executive order allowing the U.S. to impose sanctions on companies and individuals that finance trade with North Korea.

“North Korea’s nuclear weapons and missile development is a grave threat to peace and security in our world and it is unacceptable that others financially support this criminal rogue regime,” said Trump.

The order aims to cut off sources of revenue that fund North Korea’s nuclear ambitions.

“Foreign banks will face a clear choice,” said Trump.

In another major blow, Trump revealed China, Pyongyang’s largest trading partner, is now joining the effort.

“[China’s] central bank has told their other banks, a massive banking system, to immediately stop doing business with North Korea,” said Trump.

The announcement came during President Trump’s meeting with the leaders of South Korea and Japan, both of whom fully support the move.

In his first address to the U.N., the president warned the U.S. could destroy North Korea if forced to defend itself or its allies.

“Rocket Man is on a suicide mission for himself,” said Trump on Tuesday.

On Thursday, he signaled dialogue is still possible.

“Why not,” said Trump.

Last week, the U.N. Security Council unanimously approved new sanctions against North Korea aimed to cut the nation’s oil imports.

CBS News has learned President Trump is leaning towards decertifying the Iran Nuclear Deal.

The 2015 deal froze Iran’s nuclear program in exchange for lifting sanctions.

No decision has yet been made. Iran says it won’t return to the negotiating table.


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