"I am honored to lead the USA delegation to the closing ceremonies of the Pyeongchang 2018 Winter Olympics", Trump said in a statement.
Sixteen North Korean shipping companies were sanctioned including Chonmyong Shipping Company Limited, Hapjanggang Shipping and Korea Achim Shipping Co.
"On the other hand, active dialogue is being held between the South and the North amid the North's participation in the Olympics and this is greatly contributing to easing tension on the Korean Peninsula and improving the South-North relationship", Moon said, shortly after expressing gratitude for U.S. President Donald Trump's support for the PyeongChang Olympic Games.
The sanctions come days after it was reported that North Korean officials canceled a meeting with Vice President Mike PenceMichael (Mike) Richard PenceNorth Korea canceled secret meeting with Pence at Olympics Judicial order in Flynn case prompts new round of scrutiny The CIA may need to call White House to clarify Russian Federation meddling MORE in South Korea amid the ongoing Winter Olympics over Pence's announcement that the administration was at the time working on a new sanctions package.
In a statement on Friday, Treasury Secretary Steven Mnuchin said the United States is "aggressively targeting all illicit avenues used by North Korea to evade sanctions, including taking decisive action to block vessels, shipping companies, and entities across the globe that work on North Korea's behalf".
Both South Korean and U.S. officials have been firm in saying there are no official meetings planned between the Trump delegation and North Korea, with Moon's office saying they would not facilitate any interaction.
It is unclear how many sporting events Trump will attend before the Closing Ceremony on Sunday night.
The first daughter and senior adviser to the President is flying commercially to Seoul.
In its latest step to heighten its economic warfare against North Korea, the U.S. government imposed sanctions against 27 entities and 28 vessels either registered or flagged in several countries, including North Korea, China and Singapore.More news: Trump Declares New Shipping Sanctions On North Korea
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Upon her arrival, Ivanka wore a black and white houndstooth overcoat with a long white sweater dress paired with Nicholas Kirkwood pearl-embellished leather boots.
"Under current hard circumstances, we have made a decision to focus on whether peace on the Korean peninsula and improvement in inter-Korean relations can be derived from dialogue with (the visiting North Korean officials), not on their past or who they are", said Unification Ministry Baik Tae-hyun in a media briefing.
"We regret [the North Koreans'] failure to seize this opportunity", State Department spokesperson Heather Nauert said in a statement.
North Korea has denied any involvement in the sinking.
He was previously chief of the Reconnaissance General Bureau, a top North Korean military intelligence agency, which South Korea blamed for the deadly 2010 sinking of the Cheonan, a South Korean navy corvette.
Trump's delegation also includes Sen. Trump leaves South Korea on Monday. Ri, who is also involved in inter-Korean affairs, accompanied leader Kim Jong Un's sister on her visit.
A South Korean government official said 240 million won ($223,000) had been spent on Kim Yo Jong and her entourage during their three-day visit.
The South's Unification Ministry did not specify where Kim Yong Chol's delegation would stay.