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Trump/Kim summit fails to impress Wall St

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Markets were steady after US President Donald Trump and North Korean leader Kim Jong Un on Tuesday signed a joint agreement after meeting in person for only a few hours, in which Mr Kim promised to work toward denuclearisation.

But the text of the agreement contained few concrete steps to achieve that goal other than a commitment “to hold follow-on negotiations ... at the earliest possible date,” according to a photo of the document.

For the US part, Mr Trump agreed to stop running military exercises in neighbouring South Korea as part of its agreement with North Korea, which in turn pledged to destroy a major missile engine testing site.

“We will be stopping the war games, which will save us a tremendous amount of money,” Mr Trump said during a post-summit news conference complaining that Seoul doesn't foot enough of the bill. And he mentioned that the exercises require US bombers to fly six and a half hours from Guam, where they are stationed. He even adopted North Korea’s language for the exercises, calling them “very provocative.”

Mr Kim made no promise to address the issue of Japanese citizens abducted by North Korea, and he offered no limits on his ballistic missile programmes.

Mr Trump also expressed a desire to eventually remove the thousands of American stationed on the Korean peninsula, another point of contention for North Korea.

"I want to get our soldiers out," he said but noted “that's not part of the equation right now.”

Both sides committed to an open-ended negotiating process. Given North Korea has halted missile and........

© The National Business Review