White House must ensure North Korea finances are cut off: Gordon Chang

"Nuclear Showdown" author Gordon Chang on how President Trump should handle North Korea now that the White House called off the summit.

President Donald Trump on Thursday said the White House is backing out of June 12th summit with North Korea.

In a letter to North Korean leader Kim Jong Un, the president said the rhetoric displayed in Kim’s most recent statement was “inappropriate” and will therefore pull out of the long-planned meeting.

“Nuclear Showdown” author Gordon Chang told FOX Business on Thursday the U.S. must begin blockading North Korea in-line with United Nations sanctions.

“The United States must make sure money is not getting into North Korea,” he told Stuart Varney on “Varney & Co.” “We should use everything we can, short of the use of force at this point, to get North Korea back to the bargaining table, get back to the point where it says ‘it’s going to give up its most destructive weapons.’”

The U.S. must also begin to sanction Chinese banks, he added.

“President Trump mentioned that the Chinese had put the North Koreans up to this,” Chang said, “so what we need to do at this particular time is punish the Chinese because their actions have caused these problems.”