In a surprising admission from president Trump, two months after his historic summit with North Korean leader Kim Jong-Un, which was widely panned by many of his critics for being too disorganized and abrupt, moments ago Trump tweeted that he had asked Secretary of State Mike Pompeo not to go to North Korea because he feels "we are not making sufficient progress with respect to the denuclearization of the Korean Peninsula."

I have asked Secretary of State Mike Pompeo not to go to North Korea, at this time, because I feel we are not making sufficient progress with respect to the denuclearization of the Korean Peninsula... — Donald J. Trump (@realDonaldTrump) August 24, 2018

Pompeo was scheduled to make his fourth visit to North Korea next week to follow up on a framework agreement Trump reached with North Korean leader Kim Jong Un.

The decision marks a rare admission from Trump that North Korea’s denuclearization is not going as well as hoped.

Trump blamed China, saying that "because of our much tougher Trading stance with China, I do not believe they are helping with the process of denuclearization as they once were (despite the UN Sanctions which are in place)." This is in line with Trump's complaint from early July in which he said that with respect to the denuclearization process, China "may be exerting negative pressure on a deal because of our posture on Chinese Trade."

...Additionally, because of our much tougher Trading stance with China, I do not believe they are helping with the process of denuclearization as they once were (despite the UN Sanctions which are in place)... — Donald J. Trump (@realDonaldTrump) August 24, 2018

Trump also said that "Secretary Pompeo looks forward to going to North Korea in the near future, most likely after our Trading relationship with China is resolved" which however in light of the collapse of this week's trade talks, may take a while.

The president concluded by sending his "warmest regards and respect to Chairman Kim. I look forward to seeing him soon!"

...Secretary Pompeo looks forward to going to North Korea in the near future, most likely after our Trading relationship with China is resolved. In the meantime I would like to send my warmest regards and respect to Chairman Kim. I look forward to seeing him soon! — Donald J. Trump (@realDonaldTrump) August 24, 2018

After the Singapore summit with Kim, Trump proclaimed that North Korea is “no longer a nuclear threat.” It was not immediately clear, if North Korea is again a threat, but in kneejerk reaction, the dollar pushed higher, regaining almost all of its post-Powell losses, the USDJPY dropped, and stocks dipped modestly.