The sweeping measures were the first of that scope to be imposed on North Korea since US President Donald Trump took office and highlighted China's willingness to punish its Pyongyang ally.
The resolution bans all exports of coal, iron and iron ore, lead and lead ore, as well as fish and seafood by the cash-starved state -- stripping North Korea of a third of its export earnings estimated at USD 3 billion per year.
"This is the most stringent set of sanctions on any country in a generation," Haley said.
If fully implemented by China and Russia, North Korea's main economic partners, the measures would tighten the vise around Pyongyang as it seeks to develop its military programs.
The resolution also prevents North Korea from increasing the number of workers it sends abroad whose earnings are another source of revenue for Kim's regime.
The United States entered into negotiations with China a month ago on the new resolution after North Korea launched its first intercontinental ballistic missile on July 4 which was followed by a second test on July 28.
But the measure does not provide for cuts to oil deliveries to North Korea as initially proposed by the United States -- a move that would have dealt a serious blow to the economy.
The United States has put heavy pressure on China, which accounts for 90 percent of trade with North Korea, to enforce the sanctions and the fate of these measures largely hinges on Beijing's cooperation.
China and Russia had resisted the US push, arguing that dialogue with North Korea was the way to persuade Pyongyang to halt its military programs.
Chinese Ambassador Liu Jieyi said the resolution "does not intend to cause a negative impact" to North Korea's people and stressed that it called for a return to talks on denuclearization of the Korean peninsula.
Backed by its European allies, Japan and South Korea, the United States has maintained that tougher sanctions would put pressure on North Korea to come to the negotiating table.
Trump's national security advisor, Lieutenant General HR McMaster, said the United States would not tolerate the threat posed by North Korea's missile and nuclear tests.
McMaster, in the interview with MSNBC, said Trump had told China's President Xi Jinping it was no longer enough for North Korea to "freeze" its programs since it had already crossed "threshold capability" and the goal was now denuclearization.
South Korea's foreign minister, meanwhile, held out a diplomatic olive branch today, saying she was open to holding discussions with her North Korean counterpart at a security forum in the Philippines.
"If there is an opportunity that naturally occurs, we should talk," Kang Kyung-Wha told reporters as she landed in Manila today, according to South Korea's Yonhap news agency.
North Korea's top diplomat, Ri Hong-Yo, was attending the regional summit, which is hosted by the 10-member Association of Southeast Asian Nations (ASEAN).
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