fred kempe is making his way to our set. he was in seoul last month we'll get his reaction to the news conference. stay tuned you're watching a specl itiaedion of "squawk box." >>> good morning welcome to a special edition of "squawk x" on cnbc we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. our guest host is fred kemp, a cnbc contributor welcome. >> good to be here >> president trump and north korean leader kim jong-un meeting in that historic summit in singapore president trump wrapping up a news conference about 45 minutes ago. >> most importantly i want to thank chairman kim for taking the first bold step towards a bright new future for his people our unprecedented meeting, the first between an american president and a leader of north korea proves that real change is indeed possible. my meeting with chairman kim was honest, direct, and productive >> so far the reaction in the markets has been muted dow futures indicated down by 17 points s&p off by 2 p

. >> sounds good, thank you so much let's bring in fred kemp from the atlantic counsel, on the phone, fred, with your reactions to an extraordinary development, the president cancelled the summit a week ago, and now sounds like it's going forward, and they are talking about progress >> caller: well, i was on your show a week ago when he cancelled the summit i said you could see rescheduling for june 12 because the four players who wanted it to happen all really want it to happen kim jong un wants it to happen because of his existence, needs guaranteed survival by the united states. nobody - >> there's something - >> it's donald trump for his own purposes, nobel peace prize legacy, the fact it would be the deal of the century, and president moon, the peacemaker, and i think even the chinese go along with this. if they can see this could be a way of weakening - >> fred -- >> the u.s. presence on the peninsu peninsula. does not surprise me it's going ahead. it's hart of the deal stuff. >> listen, there's a couple different concerns for people. last time we heard about legacy was with the

let's bring in chief investment officer and fred kemp, president and ceo of the atlantic council. in with you. there's a lot to unpack here, a lot of moving parts here let's start with the zte deal, which was announced earlier today by secretary ross. there are a lot of interlocking parts here, in other words, zte is a chinese company, north korea is china's sort of protege in northeast asia. talk me through this zte deal. did we do it in part to mollify the chinese before we talked to the north koreans and is it or is it not, from where you sit, a good deal? >> well, let me start with the second question first, and then i'll get quickly to the first one. first of all, they broke u.s. law. and they were going out of business and so, it is the most intrusive deal of this sort that has ever been leveled on a chinese company, $1 billion fine having external monitors, enforcement agents in your company, having to change your management, almost unheard of. but does it actually fix our problems with the chinese companies engaging inn espionage it doesn't but do we have a strategy from th

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