Trump And Kim Sign "Comprehensive" Letter To End Historic Summit, Agree To "Follow-On" Negotiations

Donald Trump and North Korean Leader Kim Jong Un signed what the US president described as a “very important, comprehensive” document following the conclusion of their “really fantastic” whirlwind historic summit in Singapore, the first between a US president and North Korean leader that came after decades of hostility.

“The letter that we are signing is very comprehensive, and I think both sides will be very impressed with the results,” Trump said as he sat alongside the North Korean leader at a large wooden table in front of a bank of U.S. and North Korean flags to endorse the document, which however produced no new specific commitments from Pyongyang to surrender its nuclear weapons aside from broad generalities.

Speaking through an interpreter, Kim said that the two countries “had a historic meeting and decided to leave the past behind and we are about to sign a historic document” adding that "I would like to express gratitude to President Trump for making this meeting happen."

Trump said more information would come out “in just a little while” and did not say what the agreement entailed, but some had already managed to extract the key contents from the letter Trump held up.

The letter says that the U.S. and North Korea “will join their efforts to build a lasting and stable peace regime on the Korean Peninsula,” and that North Korea "commits to work toward complete denuclearization of the Korean Peninsula."

The pair also agree to "establish new U.S.-DPRK relations, and the two leaders "have committed to cooperate for the development of new U.S.-DPRK relations and for the promotion of peace, prosperity and security of the Korean Peninsula and of the world."

Notably, the U.S. and N. Korea agree to follow-on negotiations led by Sec. of State Mike Pompeo and a DPRK counterpart.

In other words this is just the first of many summits.

* * *

Speaking to reporters, Trump also said the he would “absolutely” invite Kim to the White House to continue their talks, meanwhile Kim called the document “historic” and said it would lead to a new era in the U.S.-North Korea relationship.

“We had a historic meeting and decided to leave the past behind, and we are about to sign a historic document,” he said through a translator. “The world will see a major change.”

Kim also thanked Trump for making “this meeting happen."

To be sure, analysts had expected both Trump and Kim to sell the summit as a success regardless of outcome since both have much at stake. At the signing ceremony, Trump said he was “very proud” of what happened Tuesday and thanked Kim, reiterating that it was an “honor” to meet.

“I think our whole relationship with North Korea and the Korean peninsula is going to be a very much different situation than it has in the past,” Trump said.  “We’ve development a very special bond.”

* * *

The ceremony concluded a summit meeting that appeared impossible just one year ago, when both men’s threats against each other fueled an growing nuclear crisis. Just last summer, Trump mocked the North Korean leader as "Little Rocket Man" as the two exchanged barbs over their weapons programs. Kim responded by dismissing the president as a "mentally deranged dotard" who would "pay dearly" for his threats against Pyongyang.

Trump and Kim, however, appeared to have a friendly rapport during their day together at the Singapore island resort. "The past worked as fetters on our limbs, and the old prejudices and practices worked as obstacles on our way forward. But we overcame all of them, and we are here today," Kim said through a translator as the two met for the first time.

The pair shook hands and met in a one-on-one setting before conferring with aides. The president even showed the North Korean leader the inside of his limousine after their sessions were over.  

“It's going great. We had a really fantastic meeting. A lot of progress. Really, very positive, I think better than anybody could have expected, top of the line, really good,” Trump said as he stood next to Kim after their meetings.

He then said that “we’re going to take care of a very big and very dangerous problem for the world”.

* * *
The summit marked the first stage in a process that the US, Japan, China and South Korea, and certainly the rest of the wor;d hope will lead to denuclearisation on the Korean peninsula. Trump is scheduled to hold a press conference at 4pm local time to discuss the negotiations.

As the two men walked through the Capello Hotel where the summit was held, Kim said to Trump that “many people in the world will think of this as a . . . form of fantasy . . . from a science fiction movie.”

Yet where the market and watchers may be disappointed is that despite the optimistic rhetoric, the summit did not appear to produce an ironclad denuclearization agreement or a peace treaty to end the Korean War — two possibilities Trump raised ahead of the talks.

Asked if Kim had agreed to denuclearize, Trump said, “we’re starting that process very quickly. Very, very quickly. Absolutely.” U.S. and North Korean officials worked down to the wire to bridge the gap between what the two nations say denuclearization means. The United States wants the complete, verifiable and irreversible denuclearization of North Korea, while Pyongyang wants disarmament across the Korean peninsula and other security assurances.

On the night before the meeting, Secretary of State Mike Pompeo told reporters it would provide a “framework” for future negotiations.

As we noted earlier, critics said a summit that ended without a declaration on denuclearization would amount to a propaganda win for Kim, elevating him to legitimacy on the international stage. Regional experts are also skeptical Kim will give up any of his weapons regardless of a declaration, saying the Kim family playbook is for the regime to make promises, drag out its efforts to carry out those pledges as it gets concessions and then later renege altogether.

Trump did not answer a reporter's question on whether the two spoke bout Otto Warmbier, the American student who died, shortly after his release from North Korean imprisonment in a coma, exactly one year ago. As a reminder, in the lead up to the summit, North Korea released three other Americans who had been held hostage. Pompeo brought them home last month on the second of his two visits with Kim to lay the groundwork for Tuesday.

After the ceremony, Trump and Kim walked back to the platform where they started the morning with a handshake, shaking hands once again. Responding to reporters, Trump, who prides himself on his dealmaking skills, called Kim a “worthy negotiator.”

“We had a terrific day, and we learned a lot about each other and about our countries,” Trump said. “I learned he’s a very talented man. I also learned that he loves his country very much.”

* * *

The market reaction to the signing of the "broad" letter has been muted, with the won falling and the USD/KRW climbing 0.2% to 1,077.45 after fluctuating between 1,072.85-1,078.10 as investors no longer expect more to happen for the day after the summit between Trump and Kim ended with the signed document, says Park Ok-hee, an economist at IBK Securities. South Korea’s currency had rallied for five consecutive days to June 7 before slipping on Friday as traders bought the won ahead of the event. The gains were the longest winning streak since early January.

“The market seems long on KRW ahead of the event,” says Masakatsu Fukaya, an EM currency trader at Mizuho Bank in Tokyo before the summit.“I am long KRW too. It’s hard to imagine a negative outcome”

Commenting on the modest increase in Euro Stoxx 50 futures, Bloomberg notes that President Donald Trump and North Korean leader Kim Jong Un have signed a “very important” document, although we’re not sure yet what’s in it.

Some analysts were outright disappointed, such as Vishnu Varathan, head of economics and macro strategy at Mizuho Bank Ltd in Singapore who said that markets are struggling to find a reason to sustainably price in more risk-on as they want to see tangible outcomes: “Markets are saying OK, yes this a good thing. We’ve already priced in quite a bit.”

Varathan noted that this isn’t first time where we have a high-level agreement and some dispute thereafter; China trade talks is one famous example as Trump administration has got the penchant of getting quite frustrated quite quickly; he added that he is not quite sure yet how this will play out for the Korean won in the longer run because opening up North Korea could also mean South Korea would have to subsume some of the costs of integrating North Korea with the world.

Lee Seung-Hoon, head of equities at DB Asset Management in Seoul, said that "the agreement could be vague, as Trump said it is very comprehensive" adding that "there’s consensus in the market that it will be difficult to start a business in North Korea in the near term before the regime really starts shipping out its weapons."

The bottom line came from Stephen Innes, head of trading for Asia Pacific at Oanda, who said that "there’s not much of a reaction as traders realize this is little more than the prologue to a long drawn out and lengthy process that could still go sideways. But this is good nonetheless for regional risk".

Comments

Pandelis Rise Of The Machines Tue, 06/12/2018 - 02:59 Permalink

bolton's role

watching live on BBC ... there trump walking with korean guy side by side outside the building, then heading to a door ... wow suprise ... the security did not allow them to go inside... it was funny to watch trump going back and forth with security ... then his boss comes and trump talks to him ... then finally the real culprit comes out trying to hide from the cameras ... guess who (it shows who the security gets the orders from). Korean guy looked totally confused.  Finally, trump gives up on getting through the door shakes hands with him and they leave.  i am sure this guy (aided by others) one would say will screw this up ... and so many other things.  I really wonder who really gave Bolton that position.  Trump even if he is somewhat okay has surrounded himself with very suspicious deep state/goldman characters ... not optimistic about what these guys plans are for the rest of us.

 

In reply to by Rise Of The Machines

vato poco The_Juggernaut Tue, 06/12/2018 - 03:49 Permalink

remember back on ZH a long long time ago back when all those smart, tough, cynical, worldly, ZH commenter guys all assured us, just as fast as Mr. Soros could write their checks, that 'Trump was absolutely out of his depth', that he was a damfool gwailo blindly lurching around the grownups table, that those sly inscrutable Norks would string him along for years and make him look like an inept blundering fool, all the while trading worthless promises for billions in foreign aid - just before WW3 started and russia china iran and NK would all win big over the smoldering ashes of the once-mighty USA. oh yeah: and it would all be the fault of the goddamned JOOOOOOZ, cause those guys are like supermen! they run the entire fuckin' *world*, and the world evidently just watches helplessly!!!

I remember thinking to myself, "how can these whip-smart motherfuckers be so SURE??? they must be like Gods among Men!"

remember that? good times, good times ....

In reply to by The_Juggernaut

Escrava Isaura BennyBoy Tue, 06/12/2018 - 05:09 Permalink

 

Agree To "Follow-On" Negotiations

 

Meeting for nothing because what America wants, Korea to open up for American dollar ain't gonna happen.

 

This is a successful in my view because there's nothing to fail which could have led the two nations into a corner without the ability to exit later on.

 

And that was good for Trump's ego. Trump was the biggest winner, not America.

 

 

In reply to by BennyBoy

Escrava Isaura BaBaBouy Tue, 06/12/2018 - 05:27 Permalink

The beef are the US military bases in Asia, especially the one right next to North Korea, meaning China.

Again, US are not going to leave or the US economy collapses.

As the last paragraph 'indirectly' meant, as long as the US is there these nations in Asia are not gonna find solutions.

Again, the final solution will lead China to take over which will be catastrophic as well.

 

In reply to by BaBaBouy

beemasters Escrava Isaura Tue, 06/12/2018 - 05:51 Permalink

"The United States wants the complete, verifiable and irreversible denuclearization of North Korea, while Pyongyang wants disarmament across the Korean peninsula and other security assurances."

I trust DPRK will denuclearize. It's the US disarmament in the region that will prove to be a challenging/thorny issue down the road. This might entail closing military bases in South Korea (and possibly Japan?).

In reply to by Escrava Isaura

Escrava Isaura beemasters Tue, 06/12/2018 - 05:59 Permalink

US is a conservative Christian nation. They can live without food but they will never give up their weapons.

Accordingly to Chomsky, Israel tried to talked the US to unify the two Koreas. US Christians wouldn’t have none of that. US Christians run the US military and US corporations as the Jews run Wall Street. Wall Street wants unification because is good for business.

 

 

In reply to by beemasters

jin187 beemasters Tue, 06/12/2018 - 07:25 Permalink

The thing is that Kim doesn't have much to lose by disarming.  It's not like the moment he trashes his nuclear program, we'll have an army crossing his border.  China won't allow that.  This is all about lifting sanctions, establishing normal relations, and getting North Korea off of everyone's shit list.  We're not gonna turn North Korea into a Scandinavian paradise, or reunify the Koreas, or get him to step down, or the other ridiculous demands some people have.  If we play our cards right, we'll end up with an actual end to the Korean War, no nukes on the peninsula, and maybe more trade between the two Koreas.  Any other changes to North Korea will have to come from within, and resist the efforts of the Chinese to keep their fascist puppet buffer state.

In reply to by beemasters

vato poco runningman18 Tue, 06/12/2018 - 05:03 Permalink

this summit resulted in exactly nothing! it's a big ol' nothingburger! just like with all them other preznidents!

yes, absolutely. which is why, as ALL them whip-smart ZH commenters know, every US president since Truman (especially that preternaturally gifted peacemaker Barry S. Nobel) also got the boss capo of NK to fly out of the country for a summit and sign a similar declaration/intent to end the fuckin' war - live on TV in front of 50,000 cameras and the eyes of the whole world. right?

no ... hold on a moment!!

In reply to by runningman18

jin187 runningman18 Tue, 06/12/2018 - 06:58 Permalink

Anyone that expected or demanded anything more is a dumbass.

This summit was about establishing a rapport between Kim and Trump.  This isn't a fucking sitcom.  Nation-states don't sit down for 30 minutes, minus commercials, and come to agreements on the kind of issues we face with North Korea.  TBH, we'll be lucky if real progress can be made during Trump's tenure, especially if he doesn't win a 2nd term.

We're lucky this summit took place at all, with Giuliani running his stupid guido mouth.  Trump should have made him crawl to Kim on his hands and knees, and kiss his cock while begging for forgiveness.

In reply to by runningman18

Endgame Napoleon The_Juggernaut Tue, 06/12/2018 - 05:57 Permalink

Maybe, some other ZHedgers were right. This is an entry to American-owned corporations, finding another source of cheap, global labor that is not racially diverse. That way, they can continue to avoid making millions of contributions to the Social Security retirement fund, in addition to paying much lower wages to their cheap, foreign labor force. By the time the US middle class is fully hollowed out—much progress has already been made on that front—the bigwigs will be ready to move their families out of the chaos on the streets of a withering & fragmented US Republic, courting the rulers for life throughout the countries with cheap, non-racially-diverse labor markets, trying to stay on the autocratic rulers’ good sides. Once they move their families to the cheap-labor countries, paying into the systems that support the native-born populations in those countries, that non-racially-diverse thing, with the autocratic overlay, that was so handy when using a compliant & under-paid foreign workforce might have a different significance, especially where protecting intergenerational wealth and property rights are concerned. Easy to discard the significance of constitutional rights for those pesky, “unskilled” plebes in your own country, particularly when they demand wages that actually cover rent. It is so much more important when elites lose those protections.

In reply to by The_Juggernaut

The Navigator are we there yet Tue, 06/12/2018 - 03:27 Permalink

While watching Fox, during a commercial I thought WTF is CNN saying - it was Dennis Rodman being interviewed by Chris Cuomo. Rodman said his 1st visit with Kim was 5 years ago and Kim was interested at that time in talking with the US -- Rodman relayed the message to Obama, Obama said he wasn't interested (in NKOR).

This could have been solved 5 year ago, but Obama wasn't interested - what a waste for America for 8 years - diplomatically, financially, economically, 8 years of burnt fields - 8 years of earnings, yours and mine, stolen from our days & savings.

God Bless President Trump for taking all the bullets meant for us.

 

In reply to by are we there yet

jin187 Gnostech Tue, 06/12/2018 - 07:09 Permalink

I like Bolton for the most part.  The whole Libya gaffe certainly wasn't referring to Kim being dragged through the streets, and fucked with an AK-47.  That comment got blown way out of proportion by people trying to derail this summit.  I don't think it could be any more obvious what side our media is on after the bullshit of the last couple of weeks.  They'd see South Korea or Hawaii burn in nuclear fire rather than let Trump have any kind of win.  Anything to sabotage Trump.  It's like the global warming scam, but with a single man as the target.

In reply to by Gnostech

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In reply to by TheSilentMajority

ravolla ll951983 Tue, 06/12/2018 - 09:19 Permalink

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In reply to by ll951983

Scipio Africanuz Rise Of The Machines Tue, 06/12/2018 - 05:24 Permalink

Is that right?

If Kim had agreed to all US demands, you'd complain of deception, if he agreed to none, you'd complain of deceit, if he agreed to some, and disagreed with others, you'd accuse Trump of being taken for a ride, and now that both have lowered the temperature of the relationship, you complain that's nothing.

Don't worry, we know you well, nothing Trump does, is good, nothing! As far as you're concerned, he's not the President and that's okay, as long as you don't do something silly.

What happened is simple, they both put the past behind, and that's a good thing and they should savour the achievement. Now, the three countries, yes that's three with SK, will now walk forward together to a reality that's pleasant to the entire world, something I like to call the Triple 'P', Peace, Prosperity, and Progress.

Kudos to everyone who made this happen, and kudos to John Bolton, for not standing in the way. The easy part is done, now the hard part, moving forward while fighting a rearguard action, against the opponents of peace and detente, which might yet include John Bolton.

Well done President Trump, that's the job of the President, break the ice with personality, so that the professionals might have the maneuver space to make win win deals!...

In reply to by Rise Of The Machines