Trump increases pressure on Chinese financial players in bid to rein in North Korea

Amid growing tension with North Korea, the United States is increasing pressure on Chinese financial players.

The U.S. Treasury Department has announced a series of sanctions and measures it plans to take. Among them, the most notable is severing U.S. financial ties with China's Bank of Dandong, which the Trump administration has claimed acts as a pipeline to support alleged illicit North Korean financial activity.

The Treasury also slapped sanctions on two Chinese individuals and one Chinese company.

In a statement, Treasury Secretary Steven Mnuchin pledged U.S. commitment to maximiSe pressure on North Korea until it abandons its nuclear and ballistic missile program, CNN reports.

"We are in no way targetting China with these actions," Mnuchin said at a White House briefing on Thursday.

"We are committed to targeting north Korea's external enablers and maximizing pressure on the North Korean regime."

The Bank of Dandong will no longer be able to access the U.S. financial system "either directly or indirectly" and called the action "very significant," Mnuchin said.

Washington has repeatedly urged China to exert more economic and diplomatic pressure on North Korea in response to North Korea's ongoing efforts to build missiles and its violations of U.N. Security Council resolutions.

Beijing has, however, repeatedly said it's influence is limited and that it is doing all it can.

In March also, the Trump administration had slapped sanctions against several Chinese businesses and individuals.