President Trump's cancellation of the June 12 nuclear summit with Kim Jong-un is unlikely to be the last word. Trump and Kim are engaged in a high-stakes game of chicken, with each convinced the other wants and needs the summit more. The cancellation is Trump’s response to Kim's taking denuclearization off the table. The ball is now back in Kim’s court.
Why it matters: Both leaders still likely want this meeting to happen. For Kim, the meeting itself is the message, granting him the legitimacy his father and grandfather sought but never secured. Meanwhile, Trump has so hyped his ability to succeed where his predecessors fell short that declaring preemptive failure would be a huge embarrassment.