It looks like the party everyone was excited about won't take place after all.
Even with the summit seemingly back on the rails for June 12, it's far from clear that the administration has absorbed that message.
Trump's announcement was met by a melange of puzzlement, outrage and profound anxiety across the world. But while the move might not have been entirely out of the blue, the consequences could be huge.
Indeed, the idea of peace on a peninsula still technically at war has started to feel so real that there's a boom in property sales inside the demilitarized zone (DMZ).
"Only Donald Trump could cancel a summit with Kim Jong-un in the morning and then have a meeting with Sylvester Stallone later in the day", Kimmel said. The north urgently needs to get those sanctions lifted if its already threadbare economy is to survive.
On Friday, Trump reversed course from his cancellation the day before, saying that the meeting may still take place at the same time and place as had previously been scheduled. "He, Kim Jong Un, is the big victor".
He told a press conference this afternoon: "It was a very nice statement they put out; we'll see what happens". But whatever the source of the impetus, it was remarkable to think that this deadlock, which for decades seemed intractable, might at last be coming to an end.
Earlier on Friday, Trump welcomed the statement as "warm and productive".
Editor's Note: In our latest Facebook Live interview (please like our Facebook page to see more of these events) Jacob Heilbrunn, editor of the National Interest, and Harry Kazianis, director of defense studies at the Center for the National Interest, discuss whether Trump will actually meet with North Korea's Kim Jong-un.
For its part, Pyongyang has made a number of concessions. In the past month, they have not only released three American prisoners, but have also shut down the Punggye-ri nuclear testing site.
China's Vice President Wang Qishan found encouragement in the continuing exchanges between the USA and North Korea.
President Donald Trump speaks after signing the Economic Growth, Regulatory Relief, and Consumer Protection Act in the Roosevelt Room at the White House, May 24, 2018. "We didn't want to go to a meeting just for the sake of going to a meeting". -South Korean military exercises.
"The ball is in North Korea's court right now, and there's really not a lot of time".
One by one, the US' most important allies have openly questioned the Trump administration's capacity for global leadership.
Asked by a reporter if North Korea was playing games with him, Trump responded that "everybody plays games, you know that better than anybody".
More importantly, Seoul can not have full confidence in the U.S. if their crucial diplomatic relationship is untrustworthy.
"His sudden and unilateral announcement to cancel the summit is something unexpected to us and we can not but feel great regret for it", Kim Kye Gwan said in a statement on state media. "The North showed there is no change in its commitment to bringing peace to the Korean Peninsula".
While the White House has clearly stated that North Korea must take significant steps toward complete denuclearization in a limited time frame before any sanctions can be relaxed or significant rewards given, Pyongyang has called for a "synchronous" process of disarmament in which gradual steps towards denuclearization are met with concurrent USA economic and security concessions.
Finally, this might be the moment when others in the worldwide community start to take the lead.