The South Korean president said at the United Nations General Assembly that South Korea and the worldwide community were ready to help North Korea if the country stands on the right side of history.
Moon Jae-in, President of South Korea speaks during the 72nd session of the General Assembly at the United Nations in NY on September 21,2017.
In this photo provided by Seoul's foreign ministry, South Korean Foreign Minister Kang Kyung-wha (L) and Chinese Foreign Minister Wang Yi pose for a photo at their meeting in NY on September 20, 2017.
He said North Korea's textiles, fishing, information technology, and manufacturing industries were among those the United States could target.
On the bilateral front, the two sides exchanged views on China's economic retaliation over South Korea's hosting of a USA missile defense system called THAAD.
North Korea's Foreign Minister Ri Yong Ho on Wednesday delivered a scornful response to that threat, likening it to the sound of "a dog barking".
The situation should be managed in a "stable manner", he said, "so that tensions will not become overly intensified or accidental military clashes will not destroy peace".
Despite that blowback, the North pledged to continue developing its nuclear program.
"We do not desire the collapse of North Korea. Parties should meet each other half way, by addressing each other's legitimate concerns".
The U.N. welcomed the South Korean decision.
Anthony Ruggiero with the Foundation for Defense of Democracies think tank said of Trump's order: "This approach worked with Iran as companies, banks, governments and individuals chose the United States, and likely will restrict North Korea's revenue". Yet it is still South Korea, and its capital Seoul close to the heavily militarized frontier with the North, that faces the greatest immediate risk in a military conflict.
On the agenda at the high-stakes bilateral meeting Thursday between President Trump and his South Korean counterpart Moon Jae-in: North Korea's nuclear arsenal, the bilateral trade deal and Hillary Clinton.
Last month, the Trump administration blacklisted 16 Chinese, Russian and Singaporean companies and people for trading with banned North Korean entities, including in coal, oil and metals.