U.S. President Donald Trump is running out of options.

Sanctions against North Korea have had limited impact on the regime's economy. There have been no direct talks on its nuclear weapons for years. And a military strike is an unpalatable option for some of Asia's biggest economies, given the risk of widespread devastation in the region from all-out conflict.

The latest intercontinental ballistic missile test by Kim Jong Un's isolated state — the third this year — further limits America's maneuvering room. The 30-something dictator declared on Wednesday that he could now hit the entire U.S. with a nuclear weapon.