Secretary of State Rex Tillerson calls on UN Security Council to step up diplomatic, economic pressure on North Korea "The policy of strategic patience is over," Rex Tillerson said.

 -- Secretary of State Rex Tillerson today called on member nations of the U.N. Security Council to step up their diplomatic and economic pressure on North Korea after recent provocations from the rogue regime.

"We have said this before and it bears repeating; the policy of strategic patience is over," Tillerson said during an open session on North Korea, adding it was time to "adopt a new approach."

He proposed three actions for the 15 member nations to embrace: fully implement commitments regarding North Korea, including existing Security Council resolutions; suspend or downgrade diplomatic relations with North Korea; and increase North Korea's financial isolation.

Secretary Tillerson outlines new strategy and actions to be taken to counteract North Korean aggression.#DPRK pic.twitter.com/vs3zZnkJYA

— Department of State (@StateDept) April 28, 2017

Regarding financial pressures, Tillerson, using an acronym for the Democratic People's Republic of Korea, called for “new sanctions on DPRK entities and individuals supporting its weapons and missile programs” and to “tighten those that are already in place.”

"The United States also would much prefer countries and people in question to own up to their lapses and correct their behavior themselves, but we will not hesitate to sanction third-country entities and individuals supporting the DPRK's illegal activities," Tillerson said.

He specifically highlighted the importance of China's efforts, saying it alone has economic leverage over Pyongyang. China accounts for 90 percent of all trade conducted by North Korea.

“The U.S. and China have held very productive exchanges on this issue, and we look forward to further actions that build on what China has already done,” Tillerson said.

In an interview with Fox News today, Tillerson said China had warned the North Korean government about conducting another nuclear test, saying it would take "sanctions actions of their own."

While a negotiated solution is clearly the Trump administration's preference, military action is still on the table. The United States is committed to defending itself and its allies from North Korean aggression, Tillerson said.

It's a sentiment echoed by President Trump, who, in an interview with Reuters Thursday, warned of a possible "major conflict" with North Korea.

"There is a chance that we could end up having a major, major conflict with North Korea. Absolutely," Trump said.

"We'd love to solve things diplomatically but it's very difficult," he added.

This week, the U.S. military is showing its full force in the region. The U.S. Navy conducted bilateral maritime exercises with South Korea and Japan.

On Tuesday, the USS Michigan, one of the Navy's Ohio-class nuclear-powered guided missile submarines, arrived in the South Korean port of Busan -- intended to send a message to North Korea, according to a U.S. defense official. The USS Carl Vinson carrier strike group will also arrive off the Korean Peninsula at the end of the month.

North Korea has launched five missile tests this year alone. The latest launch in mid-April, though assessed as a failure, came hours after North Korea rolled out intercontinental ballistic missiles and other military hardware at a big parade to celebrate the birthday of the country's late founder, Kim Il Sung, a grandfather of Kim Jong Un.

The festivities took place amid concerns that North Korea is possibly preparing for its sixth nuclear test or a significant rocket launch, such as its first test flight of an intercontinental ballistic missile, or ICBM.