Trump himself is set to discuss the moves in an address to the Conservative Political Action Conference on Friday morning.
"He said the Treasury Department soon would be taking action to further cut off sources of revenue and fuel that North Korea uses to fund its nuclear program and sustain its military".
In all, the United States is sanctioning 27 shipping and trade companies, 28 vessels and one individual, totaling 56 designations that are located or registered in countries all over the world, the official said.
The new US sanctions were unveiled during a visit to South Korea by Trump's daughter, Ivanka.
The announcement comes while the President's daughter and senior adviser Ivanka Trump is in South Korea for the closing days of the 2018 Winter Olympics. Doing so would really give the new move punch, but it's unclear if North Korea's backers China and Russian Federation would sign on to those.
Treasury, along with the State Department and US Coast Guard, also warned the public of significant sanctions they could face if they help to enable any shipments to goods to and from North Korea in an advisory.
While the number of companies from North Korea and other nations was high, the economic impact is unclear. It's a threat the Trump administration has made in statements before, but such a formal warning paired with Friday's actions was meant to send a message that the US wants to tighten the noose.
More than 50 trade businesses and shipping companies are targeted by the new set of restrictions for assisting the DPRK and evading sanctions, according to the report.
At another briefing, Mnuchin stood next to enlarged photos he said showed December 2017 images that revealed ship-to-ship transfers of fuel and other products destined for North Korea in an attempt to evade sanctions.
Moon said North Korea's participation in Olympics has "served as an opportunity for us to engage in active discussions between the two Koreas and this has led to lowering of tensions on the peninsula and an improvement in inter-Korean relations".
While the new sanctions focus on worldwide shipping, the administration is also working on a response to the regime's illicit cyber activities, a senior administration official said.
"The president is clearly frustrated and rightly so over the efforts that have failed in the past and also over the uptick in testing and the advances we've seen in the North Korean program", a senior administration official told reporters.
North Korea's missile and nuclear programme is seeking to develop a nuclear-tipped missile capable of reaching the U.S. mainland. The administration is accusing the entities of transferring coal or oil either directly to North Korea or to other ships with the intent of getting the supplies into North Korea as a final destination, in violation of a United Nations Security Council Resolution. Although South Korea is a close USA ally, animosity between Washington and Pyongyang is still running high. She was expected to meet late Friday with South Korean President Moon Jae In.
Israeli Prime Minister Benjamin Netanyahu hailed Friday's USA announcement as "a great day for the people of Israel". Nakba ("catastrophe" in Arabic) is the word used by Palestinians to describe the establishment of Israel in 1948.
If you are accessing this article on another domain, it was stolen and republished in violation of US & worldwide copyright law. Opus Point Partners Management Llc bought 5,742 shares as the company's stock declined 25.28% while stock markets rallied.
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