Meanwhile, South Korean President Moon Jae-in and his United States counterpart, Donald Trump, agreed to apply maximum pressure and sanctions on North Korea in a telephone call on Monday, while China expressed hope that North and South Korea could resume contact soon.
South Korean Foreign Minister Kang Kyung-wha met with US Secretary of State Rex Tillerson and Japanese Foreign Minister Taro Kono in Manila on the sidelines of meetings hosted by the Association of Southeast Asian Nations. Along with stopping the missile launches, North Korea would have to quit its nuclear weapons testing, he said recently.
The new Security Council resolution, UNSCR 2371, tightens existing sanctions by imposing a full ban North Korea's export of coal, iron, seafood and other items to other countries; expands the list of individuals and entities subject to an asset freeze; and prohibits countries from increasing the number of North Korean laborers they employ - laborers whose earnings, the US says, boost revenues for the regime's illicit activities.
The UNSC has repeatedly adopted resolutions condemning North Korea's nuclear and missile tests. They include a complete ban on its exports of coal, a main source of hard currency suspected to be channeled for its weapons development programs. The South Korean envoy held a rare but brief meeting in Manila with North Korea's top diplomat, who also spoke by phone with Russian Foreign Minister Sergey Lavrov, who had discussed the sanctions with Tillerson a day before.
The administration says the resolution could cost the regime $1 billion a year, although sanctions experts say that depends largely on how well they are implemented - especially by China, whose track record on enforcing punitive measures on North Korea is poor.
Despite that, Pyongyang has continued developing its nuclear and weapons program. It also prohibits countries from increasing the numbers of North Korean laborers now working overseas, bans new joint ventures with North Korea and any new investment in current joint ventures.
Tillerson reportedly said that through dialogue, North Korea would ultimately "feel secure and prosper economically".
North Korea reacted angrily, vowing to bolster its arsenal and mount revenge against the United States.More news: Stocks in Europe and Asia Slip as North Korea Tensions Rise
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Since Saturday's U.N. Security Council vote, Washington has put Beijing in particular on notice that it's watching closely to ensure China doesn't repeat its pattern of carrying out sanctions for a while, then returning to business as usual with the pariah nation on its border.
"We will know it when we see it", the secretary of state said, according to CBS News.
North Korea "will make the USA pay dearly for all the heinous crimes it commits against the state and people of this country", the statement said.
"There is now a much greater effort.to cut Pyongyang's diplomatic ties in the developing world and raise awareness of various United Nations resolutions", said Karl Dewey, an analyst focused on chemical, biological, radiological and nuclear assessments at defense researcher IHS Jane's. In return for a missile moratorium, Beijing and Moscow say the US should undertake to end "large-scale" military exercises with South Korea.
Wang also urged the US and South Korea "to stop increasing tensions" and said that all sides should return to negotiations.
Niki Haley, the US ambassador to the United Nations, stated that the Security Council had lived up to its role by backing the sanctions.
"They're nearly going from sanctions to embargo and really trying to slam the North Korean economy", Delury said.
But he applauded the Security Council vote on Twitter.