"I have today ordered the withdrawal of those additional Sanctions", Trump tweeted.
The White House, however, defended Trump's decision.
During a recent background briefing on North Korea, a senior administration official stressed that the maritime industry had to do "more" to stop North Korea's illicit shipping practices or risk further sanctions-based consequences by the United States.
US Fed now expects no rate hikes in 2019
Federal Reserve announced to leave interest rates unchanged after concluding a two-day policy meeting Wednesday afternoon. At least nine of the Fed's 17 policymakers reduced their outlook for the fed funds rate, a comparatively large number.
In emphasising how much Mr Trump "likes" Mr Kim, the White House statement appears created to rekindle their relationship amid concerns about Pyongyang's plans for North Korea's nuclear programme.
US President Donald Trumps, seated with acting Defense Secretary Patrick Shanahan and National Security adviser John Bolton speaks during a meeting with the leaders of The Bahamas.in Florida on Thursday.
A person familiar with the action told The Associated Press that Trump's tweet was not a reversal of existing sanctions, but that the president was talking about not going forward with additional large-scale sanctions on North Korea at this time.
President Trump said Friday that he has ordered the Treasury Department to halt plans for "additional large scale" sanctions against North Korea on the same day that Pyongyang abruptly announced its withdrawal from a liaison office aimed at easing tensions with South Korea.
Adam Schiff, a Democrat who heads the intelligence committee in the House of Representatives, blasted Mr Trump for cancelling sanctions "imposed only yesterday and championed by his own national security advisor, because he "loves" Kim". -North Korea relations had begun to sour. "Strategic Patience failed. Don't repeat it", he tweeted within hours of Trump's vague edict.
Nirav Modi Arrested in London : Big Diplomatic Victory of Chowkidar
Modi had been in touch with authorities to arrange to turn himself in at a London police station next week, Hepburne Scott said . Nirav's whereabouts was a hot button issue in India, he was reportedly arrested because he was trying to open a bank account.
And now, US analysts say North Korea appears to have restored normal operations at a long-range rocket launch site it had partially dismantled a year ago as part of its steps toward disarmament.
Gloria Borger, a CNN analyst, noted that Trump's decision Friday reflected similar chaos brought on by his announcement Thursday that the USA will recognize Israel as the rightful possessor of the contested Golan Heights region.
North Korea has demonstrated its frustration with the outcome of the summit.
Hours after the sanctions were announced Thursday, North Korea pulled its officials from an inter-Korean liaison office in its border city of Kaesong. One source believed Trump had conflated the sanctions that were still in the works with those announced by the Treasury Department on Thursday, as the latter were the subject of news reports on Friday. The other, Liaoning Danxing International Forwarding Co.
The Treasury Department said evasion tactics employed by North Korea included disabling or manipulating automated identification systems, physically altering vessels, transferring cargoes between ships and falsifying cargo documentation.
Ex-cricketer Gautam Gambhir joins BJP , says ‘Impressed by PM Modi’s vision’
In the 2009 general election, he again won from the same seat but he was not nominated from the seat in 2014 general election. Gambhir is the only Indian and one of four worldwide cricketers to have scored hundreds in five consecutive Test matches.