The U.N. Security Council unanimously approved tough new sanctions on North Korea on Saturday including a ban on exports worth over $1 billion - a huge bite in its total exports, valued at $3 billion a year ago.
Even North Korea's ally China supported the sanctions as did Russian Federation.
Wang made the remarks while meeting his DPRK counterpart Ri Yong-ho on the sidelines of a series of ASEAN foreign ministers' meetings in the Philippines.
North Korea earns approximately $3 billion per year from its exports.
"These sanctions will cut deep, and in doing so will give the North Korean leadership a taste of the deprivations they have chosen to inflict on the North Korean people", Haley said. Diplomatic sources said Lavrov agreed with his interlocutor on the need to bring DPRK to suspend its ballistic missile tests, but also told him that either Russian Federation or China are demanding the United States refrain from further joint military exercises with South Korea.
Many experts doubt the North has mastered the technology to mount a nuclear weapon on a missile capable of reaching the U.S. But they also recognize the faster than expected pace of development of its nuclear and missile programs.
Tillerson said the USA wants to talk eventually with North Korea but thinks discussions would not be productive if Pyongyang comes with the intention of maintaining its nuclear weapons.
Moreover, it subjects nine North Korean individuals and four entities to asset freezes and travel bans.
The latest resolution is the eighth adopted by the Security Council since 2006 in response to North Korea's five nuclear tests and long-range missile launches.
"We hope the parties concerned will immediately take effective action to prevent the situation from further escalating, create conditions for the resumption of talks and exert efforts to bring back at an early date the nuclear issue of the peninsula to the right track of seeking a peaceful solution through dialogue and consultation".
"I think the administration has said and will continue to say that North Korea has acted recklessly, irresponsibly, and it has to stop".
Though the economic sanctions have teeth, Washington didn't get everything it wanted.
The resolution asks the Security Council committee monitoring sanctions against North Korea to ban the import of many more so-called dual-use items, which have commercial purposes but can also be used in conventional, biological, chemical or nuclear weapons.
North Korea has repeatedly said it will never give up its nuclear arsenal, which it sees as a guarantee of its security.
He added that while the recalcitrant state seems to be under the delusion that its nuclear and missile programs will ensure its security, they will only serve to strengthen the resolve of the global community.
Oil was not included in the draft resolution and neither are new air restrictions.