Concrete balconies off of walls and now maria headed for the turks and caicos and the bahamas. President trump announcing bold new measures targeting the Nuclear Nation of north korea. He says theyre aimed at cutting off cash to kim jongun and his weapons program. More details expected in a live event in just moments. So lets get to it. Breaking news this hour. First, the treasury secretary Steve Mnuchin about to brief reporters on the trump administrations latest move to cut off north koreas cash flow. President trump announcing his new executive order hours ago. It gives the Treasury Department more power to go after people that do business with kim jonguns government. The president says it will leave the dictator with less money for his nuclear program. North Koreas 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. Our new executive order will cut off sources of revenue that fund north koreas efforts to develop the deadliest weapons to human kind. Shepard the president making the announcement with the leaders of south korea and japan. The president held separate meetings with each leader. President trump praising china for reportedly telling its banks to stop doing business with north korea. The Reuters News Agency said that message came from chinas central bank, which makes it significant. Analysts say it would be a major blow to north korea because china is its closest ally. The executive order also comes just a couple of days after President Trumps first speech to the u. N. The president said the United States would totally destroy north korea if it had to, but hopefully he said it wont be necessary. President trump also said kim jongun or rocketman, as he calls him these days is on a suicide anything. Now north koreas foreign minister has spoken back. If they thought they could scare us with a sound of a dog barking, its a silly dream. Shepard sound of a dog barking. The foreign minister says he pitys President Trumps advisers. Despite the rhetoric, President Trump did not rule out talking with the North Koreans. Mr. President , is dialogue still possible with north korea . Shepard breaking right now, the treasury secretary Steve Mnuchin is talking about the new order. Lets listen live from new york city. President trumps new executive order significantly expands treasuries, authorities to target those who enable this regimes Economic Activity wherever they are located. For too long, north korea has evaded sanctions and used the International Financial system to facilitate funding for weapons of mass destruction and Ballistic Missile programs. No bank in any country should be used to facilitate kim jonguns destructive behavior. This new executive order will authorize treasury to impose a range of sanctions like suspending u. S. Correspondent account access to any foreign bank that knowingly conducts or facilitates significant transactions tied to trade with north korea. These sanctions will be forwardlooking and applied to behavior that occurs following today when President Trump signed the executive order. 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. This new executive order enables treasury to freeze assets of anyone conducting significant trade in goods, services or technology with north korea. It also allows to us freeze assets of actors supporting north koreas textile, fishing, and technology industries. We call on all countries around the world to join us by cutting off all tried and financial ties to north korea in order to achieve a denuclearized korean peninsula. As President Trump stated in his speech to the u. N. , its time for all nations to Work Together to isolate kim jonguns regime until it ceases its hostile behavior. We will work with our allies and partners to stop from using the global Financial System to further kims reckless behavior. Thank you and id be happy to take a few questions. Can you explain how this will affect what kind of discussions you and your counter parts have had about this . Let me comment. I had a very productive conversation early this morning with governor joe at the pboc, the peoples bank of china and how were going to Work Together. This action is directed at everyone. Its in no way directed at china. We look forward to working closely with them. Mr. Secretary, can i read a quick section of the e. O. . No aircraft in which a foreign person has an interested has landed at a place in north korea, may land in the United States after departure from north korea. Then similar applications to ships. Any idea on how many ships or aircraft would be have been affected in pick a year . So we can get a sense of the scale of the impact. Again, another important aspect of the e. O. Besides for us being able to Block Financial transactions. Well work closely with the coast guard and others on this. Im not prepared to give you a number. Its very significant. Further, we can put actions against ports as well. A couple questions. First one, why will this round of sanctions work when others have failed . Again, let me be clear. I dont think other sanctions have failed. These sanctions are significant. Not only does it allow us to sanction individuals or entities, but it allows us to freeze or block any transactions with any Financial Institutions anywhere in the world that facilitates any transactions with the blocked person. Do these sanctions included a plan to target north korean businesses around the world . Yes, it does. Any future sanctions . I wont comment on future sanctions. Well review all options. Does this represent a rejection or a moving path to the u. N. Security council . No, i dont think in any way. We appreciate the u. N. Security Council Resolution and the unanimous support to that. This goes beyond it. As ive mentioned, this allows us to block any Financial Institution that doesnt followthrough on the u. N. Sanctions or additional sanctions. When do you expect to make designations well do designations on a rolling basis. This starts today. Its forward looking, not backwards looking. Can you say more about your discussions with the central bank of china . What do you understand again, those conversations are confidential. As i said, i had a very productive conversation with them this morning. Piggybacking on that, the timeline, has there been previous negotiations with the bank of china . No, there were no previous discussions. The first time we discussed it was this morning. I called them to alert them of this in advance given their close cooperation with us. Thank you. So i want to ask part of the same question. That china had given some indication 1 1 2 weeks ago of some actions. What did they today is separate from what they indicated earlier im not going to make comments about what they did earlier. What they did today is i assume as a result of our conversation. Can i ask lets come back to you so we can get other people. Can you do you believe that chinas actions today reduce the need for further secondary sanctions on chinese entities i just commented we look forward to working with them as well as all of our partners. What is important about this is the additional authorities the treasury has. Can you put this in the context of the president s speech earlier in the week when he talked about more military action . How do these things Work Together and what do you expect north korea to do in response . Im not going to comment on what i expect north korea to do. Obviously what weve said is the objective, for them to stop their missile tests and give up their nuclear weapons. This is something that has been in the works for a while. I alluded to this about two weeks ago, that i had been discussing this with the president and this is all part of the president s strategy at the u. N. This week. Secretary tillerson said it took awhile for the last round of sanctions to have an impact or for north korea to be able to feel them is. There a timeline that youre looking at in which case again, theres no time line. This is forward action on this. Again, i would emphasize that we hope that theres voluntary cooperation, but to the extent that we have to cut off banks from the Banking System in the United States, which obviously would be significant, we now have those tools to do that. Do you recall any other countries, Central Banks im not going to make any comments on confidential discussions with other countries. Again, im confirming that i did speak to them this morning. Im not going to comment on other discussions that are confidential. The president earlier thanked president xi for his actions. Do you think they were enough . Did you call on russia again, well call on russia to do more. President trump and president xi have had productive conversations and we appreciate the way theyre working with us. Im going to take one more. Id follow up on my initial question. You said this was not targeted at china specifically. But china is the largest trading partner with north korea. So can you spell out how this will affect them and how it will affect the u. S. And their relationship with china with regard to north korea . As i emphasized earlier, this is targeted at north korea and anybody that wants to do trade or business with them. We appreciate the relationship with china and look forward to working with them. Thank you, everybody. Shepard Steve Mnuchin discussing the new sanctions by the president through north korea with partnership it would appear from a number of nations. He wouldnt be specific about discussions. Big picture with the sanctions and the nations coming together what is the goal . John roberts travelling with the president in new york and in the studio with us today. Big picture . Big picture, this is designed to get kim jongun to the negotiating table. The president was asked, is there still room for dialogue . He said why not. All of this that youve have seen is designed to try to get kim jongun to the negotiating table to talk about not just freezing it but to give it up. The president s goal is to denuclearize the korean peninsula. It means freezing it and rolling it back to nothing. One of the big developments is the fact that china finally stepped up to the plate. Listen to what the president said china decided to do today. China, their central bank, has told their other banks, a massive Banking System, to immediately stop doing business with north korea. I thank president xi of china for the bold move he made today. This is a somewhat unexpected move around we appreciate it. Right now the president is speaking with president erdogan from turkey. Theyre having a bilateral meeting and the pool is there. Lets watch. Thank you very much. A great honor and privilege. Hes become a friend of mine. I want to introduce president erdogan of turkey. Hes running a very difficult part of the world. Hes involved very strongly and hes getting high marks frankly. Hes also been working with the United States. We have a great friendship. As countries were as close as we have ever been. A lot of that has to do with the personal relationships. So president , thank you very much. A great honor to have you here in the United States. Thank you. [speaking turkish]. Shepard the turkish Prime Minister edward speaking with President Trump. Erdogan, a very complicated relationship. Lets listen. We are getting together with you as a delegation and we will come back to bilateral meetingswell assess the current relationships between the United States and turkey and have the opportunity to discuss regional developments as a whole. I would like to once again thank you for this opportunity. Thank you. Thank you very much, mr. President. We appreciate it. Thank you all very much. Mr. President , when is the last time you spoke with Paul Manafort. Thank you, thank you. Shepard a difficult set of circumstances here with the Prime Minister erdogan. Hes jailed people by the thousands for speaking out against his government. Hes jailed more than 120 journalists, denounced around the world. Theres a widelyheld belief that hes turning what appeared to be a country on the way to democratization into something akin to a dictatorship. The problem here, hes a nato member and turkey is the gateway from turkey to the middle east. You said its a complicated relationship. A diplomatic way of putting up. Shepard i dont know how you resolve it. Seeing him up there, as a journalist it affects you the same way it does me. Its a scary proposition what is happening in turkey, its against everything we believe in the United States. It is. Unfortunately, this president , this nation needs to have a relationship with him because of where his country is and where they represent. Its one of those lines that you have to hold your nose to deal with the people you have to deal with. Thats probably the case in this point. Back to what we talked about prior to going here, china. The move that china made in terms of the central bank telling chinese banks, dont do any business with north korea anymore, thats big. The president said china needs to step up to the plate. When i spoke with the president last thursday, i asked him about north korea and china. He said theyre planning some moves with china he couldnt tell us about. It would clearly seem this is it. Why its so important is because this doesnt work without chinas cooperation and china taking stringent measures. Always lots of possibilities for cheating, but maybe this is a step down the right direction. Shepard china has been clear to say from their perspective, weve done what we can do. The world is pushing us. The chinese can do more than theyve been doing. Shepard obviously. I wonder if this is a change. It would appear to be a change. Although theres room for cheating. Is this china just saying this is what were going to do or is this china doing what they say theyre going to do . Shepard the u. S. , sanctioning banks, this is a wide expansion . It broadens the target environment. There was one chinese bank being sanctioned. This last targeted individuals more than anything. The fact that theyre looking at north korea and going to target the north korean textile industry and the fishing industry. Other smaller industries that has nothing to do with the defense ministry, this is trying to put a choke hold on north korea. The president has said he doesnt want to settle for anything short of denuclearization of the peninsula. There could be wiggle room there. I dont think north korea would freeze it up. Shepard thanks, john roberts. Gordon chang wrote the book on north korea. Hes our guest live next. Will this work . Thats next. When my doctor told me i have agerelated macular degeneration, amd, he told me to look at this grid every day. And we came up with a plan to help reduce my risk of progression, including Preservision Areds 2. My doctor said Preservision Areds 2 has the exact nutrient formula the National Eye Institute recommends to help reduce the risk of progression of moderate to advanced amd after 15 years of clinical studies. Preservision areds 2. Because my eyes are everything. But prevagen helps your brain with an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Shepard new sanctions on north korea with chinese help. Lets go to gordon chang, author of nuclear show down north korea takes on the world. Gordon, thank you. Thanks, shep. Shepard a bit of a muted response. Something about dogs barking. Your thoughts . Yeah, this is extremely significant. What President Trump did and what treasury secretary mnuchin is now doing is shutting off the money to the north korean regime. Every bank gets a free pass for what they did in the past with their relations with pyongyang. What mnuchin said, look, going forward, if a bank violates u. S. Law, it will be designated. You heard that word designation in the press conference. Thats under 311 of the patriot act. If a bank is so designated, its cut off from the global Financial System because it can no longer transact business in dollars. What the North Koreans now will do is try to transact business in other currencies, what the United States is go around the world and make sure they cant use other currencies. Shepard the North Koreans didnt say much. They wait awhile. You wonder if they wont wait until all of these World Leaders go back to their homes. Oh, absolutely. The last thing they want to do is engage in a provocation that gives up trump to talk to other World Leaders. I expect the North Koreans to be quiet a work or so. You heard what north korea say about the words of President Trump