U.K. stocks fell on Wednesday after Trump’s inauguration, while Germany and the United States saw their biggest falls.
The Dow Jones industrial average closed down more than 1,000 points, or 0.2 percent, to 17,094.09, the S&P 500 finished down nearly 1 percent, or 1.6 percent, at 2,933.13.
The Nasdaq finished down 1.1 percent, and the Russell 2000 finished down 0.4 percent.
In a speech to Congress, President Donald Trump said that he would lift the sanctions imposed by his predecessor Barack Obama to ease some of the economic pressure that the U.N. Security Council has imposed on North Korea.
Trump said the United Nations had imposed sanctions that are “ridiculous” and have hurt our businesses and our economy.
He also said that the sanctions have hurt the United Kingdom, a NATO member that was among the first nations to sign a deal with North Korea, in which it agreed to freeze its nuclear program and reduce its nuclear weapons program in exchange for the North’s denuclearization.
The North has been under international sanctions since January 2018.
Obama had imposed several rounds of sanctions on North Korean officials, which included the so-called “sanctions regime,” which froze assets and curbed U.R.E. activities.
North Korea has been negotiating for an agreement that would remove the sanctions, but has yet to reach an agreement.
Since Trump took office, U.A.E.-member countries have stepped up efforts to ease tensions.
North Korean leader Kim Jong Un has reportedly asked his military to prepare for possible new U.NS. sanctions in an effort to prevent U.B.C. from meeting a deadline for removing its nuclear-capable ICBMs.
China, North Korea’s main economic partner, has also stepped up economic pressure, in part by issuing an open letter to the U,S.
and other major powers demanding that they stop interfering in North Korea and seek dialogue.
Earlier on Wednesday, China’s Commerce Ministry said it would open a new economic hotline between China and the U., which is known as the “Tibet-China economic hotline.”
The ministry also said China was opening a hotline with the United Arab Emirates.
It was unclear whether the new hotline would lead to any direct talks.
China’s economic and trade ties with North Korean are highly strained.
U.S.-North Korea relations have been at their lowest point since the 1950-53 Korean War ended in a truce, when the United State withdrew its troops from the Korean peninsula after the North successfully tested a hydrogen bomb.