US-North Korea Meeting Cancel, Economist: Market More Cautiously Responds to US Economic Outlook
The US-North Korea meeting was canceled following a letter by US President Donald Trump to North Korean President Kim Jong Un on Thursday (24/5/2018) expressing his disappointment with the North Korean leader.
On the agenda US President Donald Trump will meet North Korean leader Kim Jong Un on June 12 in Singapore.
"I do not have high expectations, therefore it is not too shocked at the cancellation of the meeting or the US and North Korea summit," said a Director of Research Center of Reform on Economy.
Then what impact to market
He believes the market, including global money markets is still more affected by the improved US economic outlook.
Moreover, estimated in the second quarter / 2018, the US economy could grow above 3%.
"If that happens, it means the highest over the past decade. The failure of the Trump and Kim Jong Un meetings is unlikely to disturb the market euphoria over the improving US economy, "Pieter said.
But on the other hand he added, it means the news is not very good for the domestic financial market of emerging countries.
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"The pressure on the rupiah will continue as a result of the shifting of portfolio capital managed by global investment managers to America. So I believe the impact on our money market will not be significant, "Pieter said.
As is known, US President Donald Trump sent a letter to North Korean President Kim Jong Un on Thursday (24/05/2018) who expressed his disappointment to the leader of North Korea that will impact on the cancellation of the meeting of leaders of both countries.
The letter was uploaded by Trump on its social media account with official White House letterhead, Washington by May 24th.
In the letter, Trump opened the message in a highly diplomatic language and appreciated the efforts of North Korea during this time that began to want to open a dialogue, which he called the request of the North itself.
However, Trump also expressed his disappointment over Kim Jong Un's latest statement that is doing more propaganda about his nuclear weapons.
"It is sad, based on the extraordinary anger and open hostility displayed in your recent statement [Kim Jong Un], I feel it is inappropriate, at this time to hold a planned meeting for a long time, so please let this letter work for represents that the Singapore Summit for the good of both sides, but to the detriment of the world will not happen.You talk about your nuclear capabilities but we are so big and strong that I pray to God [weapons of destruction] will never be used, Trump letter.
However, at the end of the letter Trump still opens opportunities for North Korea to continue the planned meeting of the two heads of state scheduled to take place in Singapore on 12 June.
The following is a full copy of the letter:
THE WHITE HOUSE WASHINGTON
May 24.
His Excellency Kim Jong Un Chairman of the State Affairs Commission of the Democratic People's Republic of Korea Pyongyang
Dear Mr. Chairman:
We greatly appreciate your time. patience. and effort with respect to our recent negotiations and discussions relative to a summit long sought by both parties. which was scheduled to take place on June I2 in Singapore. We were informed that the meeting was requested by North Korea. but that to us is totally irrelevant. l was very much looking forward to being there with you.
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. Therefore. please let this letter serve to represent that the Singapore summit. for the good of both parties. but to the detriment of the world. will not take place. 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.
I felt a wonderful dialogue was building up between you and me. and ultimately. it is only that dialogue that matters. Some day, I look very much forward to meeting you. In the meantime. I want to thank you for the release of the hostages who are now home with their families. That was a beautiful gesture and was very much appreciated.
If you change your mind having to do with this most important summit. please do not hesitate to call me or write. The world. and North Korea in particular. has lost a great opportunity for lasting peace and great prosperity and wealth. This missed opportunity is a trully sad moment in history.
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