Trump: Our very strong sanctions against North Korea will continue

"I've decided to terminate the planned summit in Singapore on June 12," President Donald Trump reiterated today.
9:56 | 05/24/18

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Transcript for Trump: Our very strong sanctions against North Korea will continue
This is an ABC news. Good afternoon I'm Tom Gama said ABC news headquarters in new Yorker were common on the air with breaking news president trump is at a bill signing at the White House. But the big news his bombshell now like mr. earlier and price of June 12 summit in Singapore with North Korea's Kim Jong-un is off it's let's listen in a. North Korea. I've decided to terminate the planned summit in Singapore on June 12. While many things can happen and a great opportunity. Lies ahead potentially. I believe that this is a tremendous setback. For North Korea and indeed. A setback for the world. I've spoken to general matters. And the Joint Chiefs of Staff and our military which is by far the most powerful anywhere in the world. That has been greatly enhanced recently as you all know. Is ready if necessary. Likewise have spoken to South Korea. And Japan. And they are not only ready should fully sure reckless acts be taken. By North Korean. But they are willing to shoulder much of the cost. Of any. Financial burden. Any of the costs associated. By the United States. In operations. If such an unfortunate. Situation is forced upon us hopefully positive things will be taking place. With respect to the future of North Korea. But if they'd out. We are more ready than we have ever. Been before. North Korea has the opportunity to end decades of poverty and oppression. By following the path of denuclearization. And joining. The community of nations. And I hope that Kim Jong. Will ultimately do what is right not only for himself. But perhaps most importantly what's right for his people. Who are suffering greatly. And needlessly. All of the Korean people. North and south. Deserved to be able to live together. In harmony prosperity and pace. That bright and beautiful future can totally happen. When the threat. Of nuclear weapons. Is removed. No way it can happen problems. If and when Kim Jung on chooses to engage in constructive dialogue. And actions. I am way. In the meantime. Our. Very strong sanctions. By far the strongest sanctions. Ever imposed. And maximum pressure campaign will continue. As it has been continuing. But no matter what happens. And what we do we will never ever compromise. The safety. And security. Of the United States of America. One to make that statement. Feel very very strongly. About it. Our military as you know has been greatly enhanced. Will soon be at a level that it's never been before. Our approval of 700 billion dollars this year and 716. Billion dollars next year largely due to the help of a lot of the people. With me. Today and standing right here we appreciate. But we had to do that for our military and we've done it and hopefully everything's gonna work out well with North Korea. And lot of things can happen including the fact that perhaps. And weird way. It's possible that the existing summit could take place or summit. At some. Later date. Nobody should be anxious we have to get it right. Okay where that being said we have something else. Which I have to tell you all of you chairman Mike and everybody. That was a big deal until this came up. I don't know where is Mike crepe where I'd like exact. Congratulations you did a great job but it does it seem so important now. But it is important thing proud of just been listening to and a president trump. At the White House today announced he and why he decided to call off his summit to June 12 summit in Singapore with North Korea's Kim John own. Also talking tough as well telling Kim Jong-Il and that the military is ready to united states military is ready that a great opportunity possibly lies ahead. Potentially but that also sane Wii or more ready than we have ever been talking about the military this is from the letter he sent. Kim Jung in early today he says 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 canceled. According to our senior White House course once Cecilia Vega and to sue we've had some serious whiplash just just today this morning. On Fox News we heard interview was taped yesterday were the president signaled the meeting was still line and then today at 945 that breaking news the meeting was off. What happens. Well in some ways Tom this was no surprise there they've been on shaky ground about this meeting for. A couple of weeks now the president in the last few days as you just laid out has been back and forth on whether or not this meeting. Would actually take place and that the president is not happy with the language that North Korea used calling vice president pence recently ignorant and stupid he called him a political dummy. For these comments that the vice president made about what would happen to Kim Jung un essentially saying that if he doesn't make a deal with the US. That he might end up in fact the debt so. So there was offense taken to that I use I you read that word tremendous anger an open hostility is the way this White House is describing. Kim Jung moon right now on the message coming from North Korea but let's go back to what president trump just said right here in the White House right now. This was not just strong language this will be interpreted I think by many in this city and perhaps around the world as perhaps a threat. The meeting North Korea with its own rhetoric about military use saying that he spoke to general Mattis the Defense Secretary in the joint chiefs. Today by far he is a and saying that our military is by far the most powerful. Military in the world quote they are ready should foolish or reckless acts be taken. That is very strong language and we will wait to see how North Korea reacts to that your right to the president did say that there is potential. For a meeting too will still happen but Tom I've got to say. I think universally here in this town on the sentiment is is questionable as to whether that will actually go forward. That's so true Cecilia want to bring in Terry Moran our chief foreign correspondent Terry would set the north Koreans off apparently was. The trump administration mentioning the Libyan model vice president Mike Pence as wells. National security advisor John Bolton and North Korea's response to Cecile laid out was a quote nuclear to nuclear showdown if we don't have a meeting also calling vice president Mike Pence a political dummy give us some of the back story here with the Libyan model why that was such a red flag. For the north Koreans. Well they both vice president pants and national security advisor John Bolton raise the Libya model as. As the template for a potential North Korea deal that would be problematic for Kim Jung and because the following. Morgan dock to give up all its nuclear weapons dogs nuclear program I didn't have much of a nuclear program but it was in the process. And in 2003 he gave it all up right after seeing the United States sweep through Iraqi was. Worried. And then eight years later he ended up overthrown dragged from a drainage ditch beaten by a mob and shot. And essentially pension boldness and what you gotta take that deal not surprisingly that alarmed the North Korean regime in Camden was insulted by it to that. It rhetoric went up and they. Went back to square one we've seen this movie before North Korea in the past has dismantled the nuclear facilities as they did today as. Cut a deal with various American presidents and then gone back as soon as they get some concessions. As soon as they get the war talk backed off some city get him breathing room a better relationship with China. This is something that Kim Jong-un has has learned from his father and and clearly. It was the trigger. And what vice president parents said about Libya. But he was also never clear about what denuclearization. Actually meant what he actually give up. All of his nuclear weapons and that remains the key question for him and for president trump. If you want to deal Willie live with something short of complete irreversible. Verifiable. Denuclearization. All right Terry. Our military is ready we will have much more on this including real time updates on abcnews.com. You can download the ABC news app and a full wrap up tonight with new reporting on world news tonight. I'm Tommy Thomas in New York we now return to regularly scheduled program. This has been a special report from the feeds.

This transcript has been automatically generated and may not be 100% accurate.

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