Major military exercises on the Korean peninsula between the U.S. and South Korea have been suspended, while the U.S. and North Korea negotiate the terms of a denuclearization agreement, CBS News confirms. AFP first reported the suspension of the exercises.

President Trump, at the conclusion of his summit with North Korean leader Kim Jong Un, announced that the U.S. would stop its "war games" with South Korea. "We will stop the war games which will save us a tremendous amount of money," he said, in an announcement that took senior military officials by surprise. Though the Pentagon said Defense Secretary Mattis had been consulted on the decision, senior military officials were left unable to explain initially what exactly the president's announcement meant.

The next military exercise, Ulchi Freedom Guardian, was to begin in the fall. Foal Eagle is a combined field training exercise with South Korea that takes place each spring.

CBS News' Jacqueline Alemany and Blair Guild contributed to this report.