North Korea abruptly canceled talks with South Korea scheduled for Wednesday and threatened to walk away from talks with the U.S., according to media reports.

North Korea’s state-run Central News Agency said the ongoing joint military drills between the U.S. and South Korea are a “provocation” and a preparation for an invasion, according to a Reuters report that cites South Korean news outlet Yonhap.

The move comes as U.S. President Donald Trump prepares to meet North Korean leader Kim Jong Un in an unprecedented summit.

The Associated Press, citing Yonhap, reported that North Korea is also threatening to cancel the talks with the U.S. because of the joint military exercises.

The U.S. State Department said it had not received any information from North Korea about the threat to cancel the June summit between Trump and Kim, Reuters reported. The department will continue to plan for the summit, which is currently scheduled for June 12 in Singapore.

Equity markets, which were already declining, ticked further down briefly following the news, while spot gold prices received a slight boost.


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