US President Donald Trump (L) and Australian Prime Minister Malcolm Turnbull (R) sit before a meeting onboard the Intrepid Sea, Air and Space Museum May 4, 2017 in New York, New York. BRENDAN SMIALOWSKI | AFP | Getty Images

Australian Prime Minister Malcolm Turnbull has dismissed President Donald Trump's pledge to respond to North Korea with "fire and fury" if it threatens to attack the U.S., warning that any resulting conflict would cause "catastrophic consequences" for the world. Turnbull argued on Wednesday that "maximum economic pressure" against Pyongyang would be the only way to deal with the regime. He added the "new and harsh" sanctions imposed by the United Nations Security Council on Pyongyang would be critical in getting North Korea to come to its senses.



On Tuesday, Trump said North Korea "will be met with fire and fury like the world has never seen" if it threatens the United States. In response, North Korea said it would be prepared to launch preemptive military strikes against the U.S, including the possibility of a targeted missile strike on the U.S. Pacific territory of Guam.

A statement released by state-run KCNA news agency on Wednesday said Pyongyang would "turn the U.S. mainland in to the theater of nuclear war" if it were to uncover plans of an impending attack from Washington. The dramatic escalation in geopolitical tensions has rattled financial markets and prompted analysts and international officials to warn Trump against further aggressive rhetoric with Pyongyang. New Zealand's Prime Minister, Bill English, said Trump's comments on Tuesday were "not helpful" amid a tense global environment.

'That is enough, Malcolm, I have had it'