North Korea will pull out the June 12 summit with President Trump if it is "based on 'one-sided' demands to give up nuclear weapons," the Associated Press reports.

Why it matters: This comes after reports that North Korean leader Kim Jong-un threatened to pull out of the summit with Trump in Singapore over U.S.-South Korean military drills. Reuters reported Tuesday night that North Korea said it would "never engage in economic trade with the U.S. in exchange for giving up its nuclear program."