Washington has alternated between criticising and praising Beijing's role in the North Korea crisis, on the one hand welcoming its support for new sanctions but also insisting it must do more to rein in its unruly neighbour.
The president said he had personally been against the deployment of U.S. Terminal High Altitude Area Defense (THAAD) system in South Korea, but the decision was made as North Korea's missile capabilities were quickly improving.
Meanwhile, recent reports suggest that North Korean is sending its military jets to the east of the country in the wake of a flyover by United States bombers of the area last week.
North Korean foreign minister Ri Yong Ho on Monday accused Trump of declaring war on the North and threatened that Pyongyang would shoot down United States warplanes flying near the Korean Peninsula after American bombers flew close to it last Saturday.
The Minister added that North Korea will not wait to act even if the bombers are not within its airspace. China is North Korea's most important trading partner.
In response to Trump's call for war, the North Korea has strengthened its military forces across the eastern border.
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The latest measure of economic warfare comes just days after President Trump signed an executive order giving Mnuchin greater power to slap a range of sanctions aimed at curbing North Korea's nuclear efforts.
North Korea has been working to develop nuclear-tipped missiles capable of hitting the United States mainland, which Trump has said he will never allow.
North Korean businesses and ventures with Chinese partners must close within 120 days of the U.N. Security Council's September 11 approval of the latest sanctions, according to the Ministry of Commerce.
"We are opposed to any war on the Korean peninsula, and the global community will never allow a war (which would) plunge people into an abyss of misery", foreign ministry spokesman Lu Kang told a regular press briefing.
Speaking in Beijing, Chinese Foreign Ministry spokesman Lu Kang said war on the Korean Peninsula would have no victor.
South Korean President Moon Jae-in urged Kim Jong Un to resume military talks and reunions of families split by the 1950-53 Korean War to ease tension.