With the Iran war stalled and Seoul slow to deliver on a $350 billion pledge, the U.S. president is dangling a one-on-one summit that could sideline South Korea.

US President Donald Trump scaled back joint military exercises with key ally South Korea this week, while signalling plans to meet North Korean leader Kim Jong Un later this year.

Experts say North Korean leader Kim Jong Un, who is in a stronger position than when he last met Trump in 2019, won’t negotiate unless the U.S. accepts the North as a nuclear…