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Photo: Saul Loeb/AFP/Getty Images

With President Trump and North Korea's Kim Jong-un signing a vague but hopeful document following their historic summit, experts are weighing in on what it means for both countries — and the world.

The general consensus: We are much further from war than we were six months ago, but the U.S. made a significant concession by cancelling joint military exercises with South Korea, while North Korea didn't give up much of anything.

  • Richard Haass, Council on Foreign Relations president, writing for Axios: "The good news is that the Singapore summit initiated a diplomatic process with the potential to make a contribution to stability and peace. War seems much more distant than it did just months ago. The bad news is that 'potential' is the operative word here, and we are off to an unbalanced start."
  • Michael Hayden, former CIA director, on CNN: "The North Koreans did not come with anything new. The new element is that we agreed to stop our annual exercise cycle with our South Koreans allies. That's actually a pretty significant concession."
  • Bruce Klinger, Heritage Foundation, on Twitter: "This is very disappointing. Each of the four main points was in previous documents with NK, some in a stronger, more encompassing way. The denuke bullet is weaker than the Six Party Talks language. And no mention of CVID, verification, human rights."
  • Ian Bremmer, Eurasia Group, on CBS: "What we have is a freeze for freeze. The North Koreans are freezing their ICBM and nuclear tests and the Americans are freezing our military exercises with the South Koreans. That's exactly the formation the Chinese asked for over the past year and we said absolutely not. ... I think the biggest win is ... it's almost inconceivable now that there's a short-term risk of military conflict."
  • Lawrence Freedman, King's College London, on Twitter: "Viewed in the light of past diplomacy around NK’s nuclear program there is a strong sense of déjà vu: warm declarations about a non-nuclear future without any clear steps showing how it will be reached. ... A difference from past agreements is that NK has used that time to become a nuclear power."

Go deeper

GOP Sen. Chuck Grassley announces run for re-election

Photo: Greg Nash/The Hill/Bloomberg via Getty Images

Sen. Chuck Grassley (R-Iowa), the longest-serving Senate Republican, announced on Friday that he's running for re-election in 2022.

Why it matters: The GOP is looking to regain control of both chambers of Congress in the upcoming midterm elections. Several Republicans had urged the 88-year-old senator to run to avoid another retirement after five incumbent senators said they wouldn't seek re-election.

China deems all cryptocurrency transactions illegal

A person walking past China's central bank in Beijing in August 2007. Photo: Teh Eng Koon/AFP via Getty Images

China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.

Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.