Two related statutes, the
Trading With the Enemy Act (87) (TWEA) and the International Emergency Economic Powers Act (88) (IEEPA), grant the President extraordinary powers to control foreign-owned property and foreign trade transactions with designated countries under certain exceptional circumstances.
Franklin Roosevelt invoked a long-forgotten clause of the
Trading with the Enemy Act of 1917 to impose a financial freeze on Japan, thereby isolating Japan economically from the outside world.
Roosevelt invoked the 1917
Trading with the Enemy Act in an attempt to bankrupt Japan in order to dissuade it from belligerent actions.
The "certain authorities" the president cited are embodied in the 1917
Trading with the Enemy Act (TEWA).
The London-based rights organisation issued the appeal days before an annual deadline for the US president to renew its decades-long embargo against Cuba under the
Trading with the Enemy Act.
The United States subsequently announced it was taking steps to cross North Korea off its list of state sponsors of terrorism and was lifting application of the
Trading with the Enemy Act, both long-time demands by Pyongyang.
But Bush said the United States would erase trade sanctions on Pyongyang under the
Trading With the Enemy Act (TWEA) that were imposed 58 years ago by President Truman when North Korea invaded South Korea.
In return, President George Bush lifted sanctions under the
Trading with the Enemy Act and notified Congress that the US government plans to remove North Korea from the list of state sponsors of terrorism within 45 days.
The United States has said it will delist North Korea as a state sponsor of terrorism and exempt it from the
Trading with the Enemy Act as the denuclearization process moves forward.