China accounts for 90 percent of North Korea's external trade. North Korea Tuesday categorically rejected the new measures, with United Nations ambassador Han Tae-Song saying in Geneva that the U.S. had "fabricated the most vicious sanction resolution" and warning of retaliation.
Most experts believe a preemptive strike against North Korea would be perceived as an attempt at regime change, and its military leadership would likely lash out at South Korea with artillery and chemical weapons.
The new resolution will also allow United Nations member states to inspect vessels on the high seas if there are "reasonable grounds" to believe they are carrying prohibited items. "We are not looking for war", assured the us ambassador to the un, Nikki Haley, who had last week assured that Pyongyang " did not ask it ".
North Korea has pledged to redouble the efforts in strengthening its weapons programme and protecting its sovereignty as the country rejected the latest round of economic sanctions imposed by the UN Security Council. "The choice is theirs".
The new resolution bans the exports of textiles from North Korea and imposes an embargo on gas condensate deliveries to the country.
The EU is reportedly mulling deporting North Korean workers in Europe to block the North's income source for its nuclear program.
Under the measure, joint ventures with North Korean entities are prohibited, while governments are authorised to inspect ships suspected of carrying banned cargo from the country, but must first seek the consent of the vessels' flag state. There are about 93,000 North Koreans earning money overseas for the state, Ms Haley said.
What the UN's sanctions resolution has made crystal clear is the limits of putting pressure on North Korea. He urged Pyongyang to take "concrete action" toward denuclearization.
The challenge now is that the worldwide community is no longer trying to stop North Korea from developing nuclear weapons and ballistic missiles.
Peru has expelled the North Korean ambassador to Lima, citing Pyongyang's continued tests of nuclear weapons and threat to world peace.
Russian Federation had condemned the idea of tightening sanctions on North Korea without any political push to resolve the crisis.
North Korea has also tested a missile capable of reaching the United States, but experts say it is likely to be at least a year before it can field an operational nuclear missile that could threaten the US mainland.
Bitcoin and other forms of virtual money - known as cryptocurrencies - appeal to North Korea as the US pursues global sanctions aimed at further isolating the country, according to a new report from FireEye.
But analysts were sceptical about their impact.
The resolution follows the condemnation by the Council of the nuclear test carried out by North Korea on September 3 and its violation of eight resolutions dating back to 2006 which it says could have large-scale regional security implications.
The missile tests came shortly after Tillerson praised North Korea for showing restraint and suggested that dialogue could take place soon.
Republican Rep. Ed Royce, the committee chairman, said U.S. and allied efforts should be "super-charged".
On Monday, the Security Council passed new punitive measures in response to Pyongyang's latest nuclear test.