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Trump-Kim Summit Cut Short – South Korean Stocks and Won Sell-off

North Korea Not Ready to Relinquish Arsenal (Political Risk)

According to CNBC news, in a series of articles 28 February, the Hanoi Summit between North Korea and the United States was cut short after North Korea demanded the end to sanctions, a surprise to those sitting at the dinner table that included leaders from both sides. President Trump suggested that Mr Kim repeat that statement to the press but it seems that it was a tactic that would not nudge the US side but trigger a break down in talks. This shocking event then cause cancellations that included the joint signing ceremony. The sanctions hurdle triggered a full breakdown in all talks.

According to President Trump, Dear Leader Kim was ready to close down one weapons facility – the Yongbyon nuclear complex – in exchange for the US side pressing the button to remove all sanctions. Then the US side asked for a series of changes and adjustments that the North Koreans seemed to be hiding. This was apparently some intelligence information that the US was using as a Trump card. No pun intended.

The South Korean stock market fell when this announcement was made. The South Korean Won weakened as well.

Walking away was the right thing to do says President Trump. American Secretary of State Mike Pompeo said during a news conference that the US team tried to lay groundwork and seal a deal before the leaders met but there were too many disagreements on details. There were missiles, weapons systems and warheads that need to be discussed and it seems North Korea does not want to put these issue on the table for discussion. Despite the lack of a signed deal the door remains open so the US and North Korea will be meeting in the future according to Trump. Also the two leaders promised that there will be no missiles fired and no provocations with missile threats, according to sources.

This may mean that the two leaders are clearing their throats and that the future will bring results that both parties could agree on. Trump made it clear that they were in no hurry to do the deal, and implied that they will wait to do the right deal.

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