Tillerson said that he is pleased to see the regime in Pyongyang demonstrating some level of restraint, something that had not been seen before, adding that "talks" may be possible "in the near future".
"We also noted that many country leaders also said the Korean peninsula issue should be peacefully resolved and the call for dialogue, peace and deescalation, rather than confrontation, war and mutual provocation, represents the common voice of the global community".
In June, the US blacklisted a bank, shipping firm and two individuals from China.
China reacted with irritation, saying Washington should "immediately correct its mistake" of imposing unilateral sanctions on Chinese companies and individuals to avoid damaging bilateral cooperation.
Tillerson made the remarks a day after the U.S. began yearly military exercises with South Korea which often annoy the DPRK.
After the U.N. Security Council's adoption of new sanctions on August 5, it threatened to retaliate against the U.S. Those sanctions banned North Korean exports of coal, iron, iron ore, lead, lead ore and seafood.
North Korean leader Kim Jong Un has ordered the construction of more rockets after visiting a military facility.
Mr Trump has said military force is an option to prevent Mr Kim from gaining an ICBM that could deliver a nuclear weapon to the US. Both are believed to have intermediate ranges that could target Japan and the US bases there but not the mainland United States.
"The U.S. will be wholly held accountable for the catastrophic consequences to be entailed by such reckless aggressive war maneuvers, as it chose a military confrontation [with North Korea]", a North Korean military spokesman said to KCNA.
The order comes despite stricter United Nations sanctions on Pyongyang, and an intense war of words with Seoul and Washington about the two allies' joint military drills which began this week and about North Korea's missile tests.
China and USA recently signed an agreement to strengthen communication between the two militaries amid tensions concerning North Korea at the Bayi Building in Beijing, China on August 15, 2017.
Donald Trumps hints at easing of tension with North Korea.
A third company, Mingzheng International Trading Limited, which maintains offices in Hong Kong and on mainland China, was in fact a front for Foreign Trade Bank, North Korea's main foreign exchange bank, the Treasury Department said.
Earlier in August, North Korean leader Kim Jong Un and President Trump traded warnings over a North Korean plan to test missiles that would land near the United States territory of Guam.
North Korea's army threatens to fire missiles towards Guam in an "enveloping fire".
The sanctions target six Chinese companies, two Singapore-based companies that sell oil to North Korea, a Russian company, four Russian nationals and a construction company based in Namibia.
South Korea and the United States technically remain still at war with North Korea, as the 1950-1953 Korean War ended with an armistice rather than a permanent peace treaty.
The U.N. sanctions were a response to twin tests last month of an intercontinental ballistic missile that may be able to reach parts of the USA, heightening concern in Washington that North Korea could soon be able to threaten it with nuclear weapons.