Trump says North Korea talks are a 'one-time shot,' threatens to end trade with G7 nations

"We think North Korea will be a tremendous place in a very short period of time," President Trump said at a press conference at the G7 meeting in Canada on Saturday. But he also issued a warning to North Korean leader Kim Jong Un, with whom Trump is due to meet Tuesday in Singapore, indicating his expectation of a total and immediate solution to U.S.-North Korea tensions.

"I feel that Kim Jong Un wants to do something great for his people and he has that opportunity and he won't have that opportunity again," Trump said. "It's a one-time shot and I think it's going to work out very well."

The president also spoke at length about trade policy, which has been a contentious issue at the G7 gathering. He said he proposed eliminating all tariffs among the assembled nations, but also threatened to completely sever trade relations if he does not get his way.

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"[Other G7 countries] have no choice [but to lower trade barriers]. I'll be honest with you, they have no choice," Trump said. "We're going to fix that situation. And if it's not fixed, then we're not going to deal with these countries."

Watch Trump's comments in full below. He begins to discuss the North Korea summit around the 4:30 mark, and the trade threats come up around 8:30 and 19:30. Bonnie Kristian