That's a pittance by global standards, trailing not only South Korea's $1.34 trillion GDP, but also the Democratic Republic of Congo, Costa Rica, and every individual US state.
"The DPRK is ready and willing to use any form of ultimate means", reads the North Korean statement.
North Korea's government blasted the sanctions and claimed the US would "suffer the greatest pain ever" for supporting them. Despite reservations, both nations backed Monday's resolution. The spike coincided with new United Nations sanctions and a ban on Chinese government fuel shipments in May, according to the Post.
The resolution, passed after Washington toned down its original proposals to secure backing from China and Russian Federation, came just one month after the council banned exports of coal, lead and seafood in response to North Korea's launch of an intercontinental ballistic missile (ICBM). The country vowed to establish a "practical equilibrium" with the USA, it said. China considered such a moved a destabilizer of regional balance of power and the deployment of the missile systems has become a significant source of tension between the two countries. Both had expressed skepticism over the strict sanctions. Following the South Korean government's attempt to find a "peaceful solution" to the conflict, the North Korean nuclear test in its aftermath, President Trump used the word "appeasement" in one of his tweets about the state of affairs.
PYONGYANG, North Korea (AP) - North Koreans on Saturday celebrated another public holiday with familiar routines, laying flowers and bowing in front of statues and portraits of past leaders while the outside world kept a close watch amid speculations that another missile test is near.
Crude oil supplies would be capped at their current level.
"North Korea must realize the fact that reckless challenges against worldwide peace will only bring stronger sanctions".
The test, which the North said was a hydrogen bomb that could be fitted onto a rocket, came weeks after Pyongyang fired two intercontinental ballistic missiles (ICBMs) that appeared to bring much of the mainland United States into range.
"That's a problem between us and the United States", Kim said. The best option for stopping the mounting nuclear threat from Kim Jong Un's regime is to muster maximum pressure without waiting for approval or cooperation from Beijing and Moscow. This comes after North Korea's latest nuclear test.
The resolution requires the end of all joint ventures with North Korea.
Meanwhile, ahead of the sanctions, Pyongyang has warned Washington that if harsh sanctions are imposed on North Korea, the USA would have to pay a "due price" for it.
Over the weekend, leaders in Germany and France waded into the escalating crisis.
"If our participation in talks is wanted, I will say yes immediately", she said in an interview with the Frankfurter Allgemeine Sonntagszeitung newspaper that was published Sunday. These new sanctions will be just as hard to enforce as those in the past, and North Korea's timeline to gain a credible nuclear deterrent keeps getting shorter. Moreover, Kim needs hard currency to continue to develop his nuclear and missile programs, which rely heavily on smuggled components from other countries. "There is a long way to go before North Korea is going to feel the pressure they would need to feel to change their calculus".