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US President Donald Trump on Thursday called off a planned historic summit with North Korean leader Kim Jong Un, even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.

Referring to a scheduled June 12 meeting with Kim in Singapore, Trump said in a letter to the North Korean leader: “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it would be inappropriate, at this time, to have this long-planned meeting.”

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Trump called it “a missed opportunity” and said he still hoped to meet Kim someday.

US stocks dropped sharply on the news, with the benchmark S&P 500 Index falling more than half a percent in about 10 minutes. Investors turned to US Treasury debt as a safe alternative, driving the yield on the 10-year note, which moves inversely to its price, down to a 10-day low and back below the psychologically important 3 percent level.

The U.S. dollar also weakened broadly, particularly against the Japanese yen, which climbed to a two-week high against the greenback.

“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,” Trump wrote.

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