"Tighter sanctions and added pressure from the US could make it even more hard for North Korea to push through some future contracts as countries could think twice about buying from North Korea at this time", echoed Omar Lamrani, senior military analyst at geopolitical intelligence firm Stratfor.
Foreign Minister Taro Kono and U.S. Secretary of State Rex Tillerson agreed on Monday that their countries will hold a so-called two-plus-two meeting of the foreign and defense ministers in Washington on August 17. Along with stopping the missile launches, North Korea would have to quit its nuclear weapons testing, he said recently.
Although Russia voted for the sanctions, its United Nations ambassador, Vasily Nebenzya, told the Security Council that sanctions "cannot be a goal in itself" and "shall not be used for economic strangling" of North Korea, according to the Russian state news agency Tass.
While the North now boasts missiles it says can reach major US cities, it is not believed to have mastered the ability to cap them with nuclear warheads, but that step may not be far off.
Apart from the North Korea issue, the ministers touched on the regional terrorist threat, climate change and diplomatic wrangling on overlapping claims in the South China Sea during Saturday's two-and-a-half hour closed-door meeting, Bolivar said.
At an annual meeting in Manila, foreign ministers of the 10-member Association of Southeast Asian Nations expressed their collective "grave concerns" about a slew of missile tests carried out by Pyongyang, including two ICBMs launched in July, and a pair of nuclear tests it conducted in 2016.
China, the North's principal ally and economic lifeline, agreed to fully implement the latest round of sanctions, which will slash around $1 billion (850 million euro), or roughly one-third, of the reclusive state's export revenue.
The group also defended the Kim Jong Un regime's development of nuclear weapons, calling the policy a "fair and square" decision.
Shares hit by US-North Korea tensions
The U.S. blue-chip index is down 1.1% this week and the S&P 500 is 1.6% lower, facing its worst weekly performance since November. Investors are increasingly nervous: The VIX volatility index, a closely-watched "fear gauge", is up 70% since Tuesday.
On preconditions for reopening talks with North Korea, Tillerson said "we'll know it when we see it". Triggering an economic meltdown in North Korea would inevitably produce a spillover effect in China, he said.
China "hopes North Korea can echo this signal from the United States", Wang added.
Secretary of State Rex Tillerson says if the North stops testing missiles for an "extended period", the US might deem North Korea ready to talk. "So it is all about how we see their attitude towards approaching a dialogue with us".
The United States does not seek regime change, the collapse of the regime, an accelerated reunification of the peninsula or an excuse to send the US military into North Korea, Tillerson said. "We warn North Korea not to test or misunderstand the will of the South Korea-U.S. alliance".
Thornton says the USA wants to ensure that with the new sanctions, there's "not this kind of episodic back and forth that we've seen".
Speaking in NY after the Security Council adopted the new resolution Saturday, U.S. Ambassador to the U.N. Nikki Haley stressed that the joint drills would not stop.
U.S. Secretary of State Rex Tillerson says the approval of new United Nations sanctions targeting North Korea over its nuclear and ballistic missile programs is a "very good outcome". "Neither shall we flinch even an inch from the road to bolstering up the nuclear forces chosen by ourselves unless the hostile policy and nuclear threat of the U.S. against North Korea is fundamentally eliminated".
One of the secondary sanctions efforts deals with jurisdictions that are non-compliant with United Nations resolutions, Stephan Haggard, visiting fellow at the Peterson Institute of International Economics, said in a Monday note.
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