World The White House has readied an executive order that would stop trade with any country doing business with North Korea

01:05  14 september  2017
01:05  14 september  2017 Source:   Business Insider

Mattis says North Korea risks 'total annihilation'

  Mattis says North Korea risks 'total annihilation' Defense Secretary James Mattis warned North Korea Sunday against aggression against the United States or its allies, saying it would trigger a unified world response and what he termed the "total annihilation of a country, namely North Korea." Speaking outside the White House after President Donald Trump met with his top national security advisers, Mattis asserted that the U.S. has "many" military options, and that the president had been briefed on them. HeWASHINGTON — Defense Secretary James Mattis warned North Korea Sunday against aggression against the United States or its allies, saying it would trigger a unified world response and what he termed the "total annihilation of a country, namely North Korea.

According to the executive order , any country that continued to trade with North Korea will face US sanctions. It follows the test launch of a hydrogen bomb by North Korea last week which sparked a 6.3 artificial earthquake in the region.

The United States is considering, in addition to other options, stopping all trade with any country doing business with North Korea . — Donald J. Trump (@realDonaldTrump) September 3, 2017.

Steve Mnuchin / <span style=Alex Wong/Getty Images" src="/upload/images/real/2017/09/14/steve-mnuchin-nbsp-span-style-font-size-13px-alex-wong-getty-images-span__844205_.jpg" />© Provided by Business Insider Steve Mnuchin / Alex Wong/Getty Images

Treasury Secretary Steve Mnuchin told Fox News anchor Bret Baier on Wednesday that he has drafted an executive order for President Donald Trump that would stop trade with any country doing business with North Korea — including the US' largest trading partner, China.

The draft order comes amid increasing nuclear threats from North Korea. Earlier this month, in a tweet, Trump threatened to cut off all US trade with any country that does business with the rogue nation.

"I was just at the White House this morning talking to the president about North Korea, talking to him about sanctions, as I've suggested, I've worked on an executive order that's ready if the president wants to use it," Mnuchin told Baier, the host of Fox News' "Special Report." "We can stop trade with any country that does business with North Korea. We're going to be careful in using these tools, but the president is committed. We will use economic sanctions to bring North Korea to the table."

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The United States is considering, in addition to other options, stopping all trade with any country doing business with North Korea . — Donald J. Trump (@realDonaldTrump) September 3, 2017.

President Donald Trump warned Sunday that the United States was considering stopping trade with any nation doing business with North Korea as a way of dealing with the nuclear threat from Pyongyang.

Pressed by Baier on whether he specifically meant stopping trade with China, Mnuchin said the executive order would apply to "anybody" who trades with North Korea.

"Stopping trade with anybody," Mnuchin said. "Nobody would be off the table."

That option, while seemingly unlikely to happen, would be a major disaster for both the US and global economies.

Many countries have some level of trade relations with North Korea. While China dominates the North Korean trade market, a number of other prominent US trading partners have a minimal economic relationship with the country.

At least 10 of the top 30 trading partners of the US do some level of business in North Korea. Those 10 nations include five of the top 10 US trading partners, and two of those are in the top three. Ending all trade with those nations would lead to the halting of roughly $1.6 trillion in total trade, according to 2016 data, and of more than $520 billion in US exports.

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  Trump's Latest North Korea Threat Could Have 'Apocalyptic' Consequences, Experts Warn President Donald Trump’s threat to cut off trade with any country that does business with North Korea would have massive consequences on the global economic stage if executed, experts said. Trump’s threat came after continued aggression from North Korea, which recently conducted its most powerful nuclear test . If the president followed through on his threat, it would would mean ending trade with China, the United States’ largest trade partner. According to 2015 data from the Census Bureau and Bureau of Economic Analysis, the value of trade in goods and services between the U.S. and China is about $663 billion.

"If we don't get these additional sanctions at the UN, as I mentioned over the weekend, I have an executive order prepared, that's ready to go to the president that will authorize to stop doing trade and put sanctions on anybody that does trade with North Korea

President Donald Trump warned Sunday that the United States was considering stopping trade with any nation doing business with North Korea as a way of dealing with the nuclear threat from Pyongyang.

China, the nation both Trump and Mnuchin appeared to be most closely putting on notice, accounts for roughly $600 billion in trade with the US on an annual basis. Other countries that would be affected by such a move include India, Mexico, Saudi Arabia, Chile, Brazil, France, Germany, Thailand, and Russia. 2015 data showed that those countries were importing goods such as silver, fork-lifts, and computers from North Korea while exporting things like pesticides, felt machinery, and sculptures.

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Mnuchin Calls on World to Cut 'All Trade and Financial Ties' to North Korea .
The U.S. treasury secretary on Thursday fleshed out an executive order from President Donald Trump granting him more power to sanction those with ties to Pyongyang.Treasury Secretary Steven Mnuchin delivered an ultimatum Tuesday afternoon to global financial institutions planning to conduct business with North Korea: It's us or them.

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