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Trump Steps Into North Korea and Agrees With Kim Jong-un to Resume Talks President Trump became the first American commander in chief to set foot in North Korea on Sunday. He greeted the country’s leader at a last-minute meeting at the Demilitarized Zone -NYT

China warns of long road ahead for deal with U.S. After ice-breaking talks China and the United States will face a long road before they can reach a deal to end their bitter trade war, with more fights ahead likely, Chinese state media said after the two countries’ presidents held ice-breaking talks in Japan. -Reuters

“We’ve said it before - communication and friction between China and the United States is a long-term, difficult and complex thing. Fighting then talking, fighting then talking, is the normal state of affairs,”

Three Lessons from the Hong Kong Protests Enormous protests this month in Hong Kong over a proposed extradition law have revealed the depth of citizens’ concern for their way of life, and of their anger at Chief Executive Carrie Lam’s gross mismanagement. -Project Syndicate

First and most obvious lesson of recent events is that Lam is a liability as chief executive, and that she has squandered all credibility.

Second, Hong Kong’s protesters and activists have succeeded so far because they did not directly challenge Xi or the CPC, but instead focused on Lam’s failings and demanded withdrawal of the extradition bill.

Third, China should recognize that its process for selecting Hong Kong’s chief executive is deeply flawed. Lam is politically inept largely because she lacks the nous that every elected politician acquires through the hurly-burly of electioneering.

Mongolia: Bridge or Buffer in Northeast Asia? Reflections from the 6th Ulaanbaatar Dialogue and beyond. -The Diplomat

GLOBAL BUSINESS

Morgan Stanley likely to gain majority control of China securities JV in H2 -Reuters

Chinese envoy says Syngenta takeover was a bad deal Beijing’s ambassador to Switzerland said ChemChina’s $43 billion takeover of seed and agrochemicals firm Syngenta was a mistake, adding he would have tried to stop the 2017 deal had he been in Bern at the time, a newspaper reported in an interview on Saturday. -Reuters

Chinese fret as Samsung, other giants leave Samsung to close key assembly base in Guangdong, while Foxconn may cut production of iPhones -Asia Times

How Wine Became Part of the Trade War China has slapped three rounds of tariffs on American wine in little more than a year, with the latest one coming into effect at the start of June -Bloomberg

ECONOMIC STATECRAFT COMES TO JAPAN Japan restricts tech exports to South Korea over wartime labor row Move risks being seen as backtracking on free trade -Nikkei Asian Review

BUT NOT ECONOMIC DIPLOMACY Japan Is Cool But Has No Clue About Selling Itself The country struggles to make money off of its worldwide cultural cachet. -Bloomberg

Taiwan rejects HK firm's skycraper bid over China 'security concerns' Taiwan has vetoed a $2 billion bid by a Hong Kong-led consortium to build a twin skyscraper in Taipei citing national security concerns, arguing the company is too heavily influenced by mainland China. -Taiwan Focus

India yet to make a call on Huawei Telecom minister has said a committee will assess security factors on whether Chinese firms can take part in 5G networks -Asia Times

Toyota to invest ¥210 billion in Indonesia to develop hybrid cars through 2023 Toyota Motor Corp. will invest about ¥210 billion ($1.9 billion) through 2023 in Indonesia, mainly to develop hybrid cars, people close to the matter said Saturday. -The Japan Times

GLOBAL MACRO

DECOUPLING FROM CHINA: it’s about time After 40 years building up a near-pathological dependence on China, it’s time for US industry to pull back from the People’s Republic of China – even if not a total decoupling. -Asia Times

China's Weak Factory Report Shows Need for Lasting Trade Truce -Bloomberg

How the extradition bill crisis threatens Hong Kong’s currency peg to the US dollar -SCMP

·       The extradition bill risks undermining Hong Kong special status in the eyes of the international community. Any change could lead to a flight of capital, which would in turn threaten the city’s currency

OPIC to double investment in Indonesia over next five years The Overseas Private Investment Corporation (OPIC) is seeking to strengthen its presence in Indonesia by doubling its investment in Southeast Asia's largest economy over the next five years. -Jakarta Post

Việt Nam values partnership with US: spokesperson The spokesperson was answering questions from reporters about Việt Nam’s reaction to US President Donald Trump’s recent negative remarks on Việt Nam-US trade ties. -VNNews

Vietnam and EU sign free trade deal Hailed as a ‘milestone’ by Brussels, agreement will slash duties on almost all goods -Asia Times

Manila grows ever richer despite Duterte bid to boost regions -The Asian Review