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Photo: Saul Loeb/AFP/Getty Images

President Trump confirmed that the United States would be ending its joint military exercises with South Korea at a press conference after his summit with North Korean leader Kim Jong-un, calling them "a very provocative situation."

Why it matters: While North Korea has agreed to "complete denuclearization" of the Korean peninsula as its major concession, Trump was light on details about what that process might look like or how it could be verified.

"I gave up nothing. I’m here. I haven’t slept in 25 hours. … Only a person that dislikes Donald Trump would say that I’ve made a big commitment."
— Trump pushing back on the idea that he hadn't secured anything in return for the U.S.

The other big takeaways: Trump touted Kim's agreement to denuclearization throughout the press conference, saying that he had also agreed to destroy "a major missile engine testing site."

  • But Trump couldn't expound on a framework for international verification of that denuclearization, adding, "It's going to be achieved by having a lot of people there …We’re going to have a lot of people there and we’re going to be working with them on a lot of other things." He added that denuclearization would be overseen by a combination of Americans and international workers.
  • Sanctions against North Korea will remain in place but "will come off when we are sure that the nukes are no longer a factor."
  • The remains of American soldiers lost in the Korean War will be returned to the U.S., according to Trump.
  • Embassies could be open "hopefully soon," though Trump added that it's a "little bit early for that."
  • Trump will go to Pyongyang "at a certain time" and "also will be inviting Chairman Kim at a certain time to the White House."

More quotes:

  • On human rights in North Korea: "It’s a rough situation over there. … It’s rough, it’s rough in a lot of places by the way — not just there."
  • On Kim taking over as leader at age 26: "He is very talented … I don’t say he was nice. Very few people at that age — one out of 10,000 couldn’t do it."
  • On Kim's genuine commitment: "He was very firm in the fact that he wants to do this. I think he might want to do this as much or even more than me."
  • How he tried to convince Kim: "They have great beaches, you see that whenever they're exploding their cannons into the ocean, right? I say, boy, look at that view, wouldn't that make a great condo? ... Think of it from a real estate perspective."

Go deeper: Check out Axios' live updates on the Trump-Kim summit.

Go deeper

Updated 1 hour ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

Tina Reed, author of Vitals
1 hour ago - Health

Omicron gives a shot to boosters

Expand chart
Data: CDC; Chart: Will Chase/Axios

Vaccination rates have ticked higher since the discovery of the Omicron variant, CDC data shows.

By the numbers: The seven-day average for vaccinations in the U.S. reached about 1.8 million on Monday, up from an average of about 1.3 million a month ago.

Scoop: Over 200 papers quietly sue Big Tech

Illustration: Allie Carl/Axios

Newspapers all over the country have been quietly filing antitrust lawsuits against Google and Facebook for the past year, alleging the two firms monopolized the digital ad market for revenue that would otherwise go to local news. 

Why it matters: What started as a small-town effort to take a stand against Big Tech has turned into a national movement, with over 200 newspapers involved across dozens of states.