Elise Hu

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Updated at 1 p.m. ET Wednesday

North Korea said it is canceling high-level talks with South Korea planned for Wednesday at their shared border area because of ongoing military exercises between the South and the United States.

The talks were scheduled for Seoul and Pyongyang to follow up on the agreement struck by the two Korean leaders at their historic summit last month.

Congratulated for an apparent breakthrough in relations between South Korea and North Korea, South Korean President Moon Jae-in said, "It's President Trump who should receive the Nobel Prize."

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UNIDENTIFIED PERSON: (Speaking Korean).

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The leaders of North and South Korea are making history at the DMZ.

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Updated at 5:05 a.m. ET

Following a historic meeting between North Korea's Kim Jong Un and South Korean President Moon Jae-in, the leaders appeared side by side to make an extraordinary announcement: The two nations — technically in a state of war for more than six decades — would work toward a permanent peace treaty and the elimination of nuclear weapons from the peninsula.

South Koreans have painstakingly planned out the details ahead of North Korea's Kim Jong Un and South Korea's Moon Jae-in's summit at their shared border Friday, the culmination of a flurry of diplomacy over the past few months.

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