Axios 16 mins ago
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Trump cancels summit with Kim Jong-un

President Trump announced the cancellation of his scheduled June 12 summit with North Korean leader Kim Jong-un in a letter released this morning by the White House.

  • Between the lines: This had been billed as an unprecedented and historic summit, and a chance for a long-sought breakthrough with North Korea. Kim Jong-un had threatened to cancel it, now President Trump has gone ahead and done it. He's saying he's open to meeting in future, but only on his terms. Markets fell sharply on the news, and tensions with Pyongyang are likely to ratchet up — and quickly.
  • Our thought bubble, from Jonathan Swan: Beyond the very serious geopolitical stakes, this move is pure Trump. A theatrical withdrawal from a potential “deal," and reminder to Americans that he milked his adversary and gave them nothing in return. He thanks them for the release of the American hostages, reminiscent of how Trump used to privately gloat to business associates when he’d really taken somebody for a ride on a deal. 
Mike Allen 4 hours ago
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Trump's torch-it-all strategy

Illustration: Rebecca Zisser/Axios

We might be numb to so many attacks on so many groups so often that it obscures how President Trump has torched virtually every institution that could one day hold him accountable.

The big picture: Trump's language is getting darker and more ominous, suggesting the FBI's activities during the 2016 elections were "bigger than Watergate," and yesterday claiming a “criminal deep state” conspiracy to get him. It’s like a gigantic, presidential whack-a-mole, with Trump pounding any new threat as it pops up, leaving nothing to chance.

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The wildly uneven recovery from the Great Recession

Reproduced from EIG's "Diverging Fates: Which Communities Are Claiming the New Jobs and Businesses of the 21st Century?" report; Chart: Axios Visuals

Only the most affluent zip codes have fully recovered from the Great Recession, while the economies of the country's most distressed communities continue to struggle, according to a new report released today.

Why it matters: The report by the Economic Innovation Group, a research and advocacy organization, shows how the spectacular performance of a relatively small number of communities at the top has allowed the overall national story to obscure the decay at the bottom.