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, and now President Trump has 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.