Trump Speaks After Kim Jong Un Summit Canceled (Watch)

WASHINGTON, DC — President Donald Trump says the cancelation of a planned face-to-face meeting between himself and North Korean leader Kim Jong Un is a "tremendous setback" and warned that the American military is prepared to act if the rogue country does anything "reckless." Trump made the remarks Thursday during a signing event for a bill that rolled back banking regulations.

You can watch a replay of the remarks above.

The event gained national media attention because it was the first time Trump was speaking publicly since he canceled a planned summit with Kim.

By denuclearizing and joining other nations in the world, North Korea has an opportunity to end "decades of poverty and oppression," Trump said.

"While many things happen and great things lie ahead potentially, I believe that this is a tremendous setback for North Korea and indeed a tremendous setback for the world," he said.

Militaries from American military, Japan and South Korea's are prepared to respond to any North Korea acts that appear "reckless," he warned. The president stressed he hopes Kim will do what's right not only for himself, but for his people.

Strong sanctions and the America's "maximum pressure" campaign will remain intact, he said.

The GOP-led House Wednesday passed legislation that would ease regulations on the banking sector. The bill, signed into law Thursday, relaxes rules on all but the largest banks.

The key structure of the original law — created in response to the 2008 financial crisis — will remain intact, but the new measure weakens the Dodd-Frank banking regulations. Some small and regional banks would no longer have to abide by the strictest regulations, for instance, and rules designed to protect the biggest banks from abruptly collapsing would be loosened.

Currently, banks are deemed too big to fail if they have a $50 billion threshold. This bill raises that threshold to $250 billion.

Those banks would also be exempt from having to undergo stress tests or submit so-called "living wills," which were created to be safety valves in cases of a financial collapse.

Photo credit: WASHINGTON, DC - APRIL 21: (AFP OUT) United States President Donald J. Trump looks over the first of three Executive Orders concerning financial services at the Department of the Treasury on April 21, 2017 in Washington, DC. President Trump is making his first visit to the Treasury Department for a memorandum signing ceremony with Secretary Mnuchin. (Photo by Ron Sachs - Pool/Getty Images)