The campaign will put maximum pressure on the regime to reduce its weapons programme, he told the Conservative Political Action Conference (CPAC) just outside Washington on Friday.
"If the sanctions don't work, we'll have to go phase two", Trump said. "But hopefully the sanctions will work", Trump said at a joint press conference with Australian Prime Minister Malcolm Turnbull. If we can make a deal, it'll be a great thing.
The Treasury called the sanctions package unveiled Friday the "largest North Korea-related sanctions tranche to date". Treasury Secretary Steven Mnuchin said the USA has now blacklisted virtually all ships being used by the North.
Here's a look at how President Donald Trump and a top lieutenant described Friday's sanctions to punish the North for its development of nuclear weapons and ballistic missiles - and how they stack up against past economic restrictions that have been piled on Kim Jong Un's government in response to its illegal weapons tests.
"Today I am announcing that we are launching the LARGEST-EVER set of new sanctions on the North Korean regime", Trump was to say.
A high-level North Korean delegation will also attend Sunday's Olympic closing ceremony, but the South Korean government said it's unlikely that Ivanka Trump will meet the North Koreans.
U.S. experts are developing legal arguments for doing more to stop sanctions-busting vessels, citing the last UN Security Council resolution which they say opened the door by calling on states to inspect suspect ships on the high seas or in their waters.
The sanctioned entities include companies with headquarters in North Korea, as well as ones based out of other countries, including China.
United Kingdom economic growth revised downwards
Sterling was quoted 0.14% lower at 1.3889 against the US Dollar and the Pound-to-Euro rate was marked 0.24% lower at 1.1299. Yael Selfin, chief economist at KPMG in the United Kingdom , described the productivity figures as " very encouraging ".
Haiti suspends Oxfam operations over sexual misconduct scandal
According to The Times , director, Roland Van Hauwermeiren, used prostitutes at a villa rented for him by the charity. Four people were dismissed for "gross misconduct" and two others resigned after being accused of using prostitutes.
Fortnite: Battle Royale Llama, Fox & Crab Locations
The Battle Pass unlocks some items immediately, but you can also earn more by playing and unlocking new tiers of content. Furthermore, Epic Games has chose to add Color Blind mode to Fortnite , both to save the world and BR.
Moon said North Korea's participation in the Olympics was an "opportunity" for inter-Korean dialogue, which had "led to lowering of tensions on the peninsula and an improvement in inter-Korean relations". "And they don't care whether they work with the United States".
Mnuchin said he could not rule out the prospect of the United States boarding and inspecting North Korean ships.
According to the OFAC, Kingly Won was involved in a $1 million oil deal a year ago with Independent Petroleum Company, a Russian entity sanctioned by the OFAC for operating in the North Korean energy industry. The sanctions are targeted at sources of fuel and cash for the North.
"These actions represent the latest development in the coordinated, whole-of-government United States effort to disrupt, deter and dismantle North Korea's illicit maritime shipping activities that Pyongyang uses to skirt United Nations sanctions, and to fund its WMD programs and delivery systems", the official said.
"Today's actions will significantly hinder North Korea's ability to conduct evasive maritime activities that facilitate illicit coal and fuel transports", said Treasury Secretary Steven Mnuchin. Mnuchin said Ivanka Trump has been briefed on this, and she discussed the sanctions with Moon before they were publicly announced.
"I thank you for hosting us all here tonight as we reaffirm our bonds of friendship, of cooperation, of partnership and reaffirm our commitment to our maximum pressure campaign to ensure that the Korean Peninsula is denuclearised", she said.
North Korea has denied any involvement in the sinking.