ExecutiveOrdersEO
Proc 8271ProclamationG.W. Bush · R

Proclamation 8271

Termination of the Exercise of Authorities Under the Trading With the Enemy Act With Respect to North Korea

President George W. Bush terminated the exercise of Trading With the Enemy Act authorities against North Korea, ending economic restrictions implemented since 1950 and rescinding the 2007 continuation of those authorities. The Secretary of the Treasury was directed to implement the termination, effective June 27, 2008.

Federal Register Open PDF 73 FR 36785

Impact dates

  1. Proclamation effective; TWEA authorities terminated for North Korea

Key directives

  • Terminate exercise of TWEA authorities with respect to North Korea
  • Rescind Presidential Determination 2007-32 with respect to North Korea
  • Secretary of the Treasury to take all appropriate measures to give effect to this proclamation

Who is ordered

Timeline

Immediate

  • Termination of TWEA authorities takes effect June 27, 2008 at 12:01 a.m. EDT
  • Presidential Determination 2007-32 rescinded with respect to North Korea
  • Foreign Assets Control Regulations and Transaction Control Regulations no longer apply to North Korea

Near term (90d)

  • Treasury Secretary to take appropriate measures to implement termination

Long term

—

Risks & tensions

  • Occurred in context of Six-Party Talks negotiations over North Korean nuclear program
  • Did not eliminate all sanctions—North Korea remained under IEEPA and other authorities
  • Timing suggests diplomatic bargaining leverage rather than pure policy reversal
Proclamation 8271: Termination of the Exercise of Authorities Under the Trading With the Enemy Act With Respect to North Korea · Executive Orders