WATCH LIVE: President Trump Cancels Planned June 12 Summit With North Korea (Is Expected to Speak at 11:30 AM EST)

President Donald Trump canceled his historic nuclear summit with Kim Jong Un on Thursday, accusing North Korea of “tremendous anger and open hostility.”

The meeting, which would have marked the first face-to-face encounter between a sitting U.S. president and a North Korean leader, was set for June 12 in Singapore.

“Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting,” Trump wrote in a letter to Kim, which was released Thursday morning.

Stocks fell and gold rose after news of the cancellation broke.

Much of the letter was written in seemingly friendly terms, including praise for North Korea’s recent release of three American prisoners. In contrast, Trump also appeared to issue a threat that conjured memories of his war of words with Kim last year.

“You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used,” Trump wrote.

The cancellation appeared to take South Korea’s government by surprise. The nation’s president, Moon Jae-in, had played a pivotal role in setting up recent diplomatic developments.

A representative of Moon’s office said the South Korean administration was “trying to figure out what President Trump’s intention is and the exact meaning of it,” according to the country’s Yonhap News Agency. Moon and his aides convened emergency meetings to address the shock announcement, which broke shortly before midnight in Seoul.

The news came as North Korea made a show of dismantling a nuclear test site, but also on the heels of some sharp words from the North Korean government about America denuclearization demands. Trump’s decision also comes more than two weeks after he withdrew the U.S. from the Obama-era Iran nuclear deal, which had lifted sanctions on the Middle Eastern country as long as it limited its nuclear program.

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SOURCE: Mike Calia