MARTIN: What concessions do you think the Trump administration is willing to make at this moment?
Trump previously stated he wished to hold the historic meeting at the Demilitarized Zone (DMZ), the fortified border area in between the two Koreas, but reports indicate his advisers preferred the more neutral location of Singapore.
But White House aides have been eying Singapore, a tiny island nation of 5.6 million that boasts one of the most advanced economies in Southeast Asia.
The news comes shortly after newly confirmed Secretary of State Mike Pompeo traveled to Pyongyang to meet with Kim and finalize details of the meeting.
"The highly anticipated meeting between Kim Jong Un and myself will take place in Singapore on June 12th", Trump tweeted.
"Now that part is behind us for sure, and we had a chance to talk substantively about what we intend to be on the agenda, and also how we're going to begin to coordinate in the days ahead between now and the summit in a way that we - both sides are confident that we will set the conditions for a successful meeting between the two leaders".
Trump said he will not disclose whether he will have any personal conversations with Kim as they prepare for their historic summit in the coming weeks.
"I share in the hopes of our entire nation that the June 12th meeting will further our longtime goal of denuclearizing the Korean peninsula", Senate Majority Leader Mitch McConnell, R-Ky., said in a statement.
Kim has suspended nuclear and missile tests, and agreed to close the North's main nuclear testing site.
"I'm very honored to have helped these great folks, but the true honor is going to be if we have a victory in getting rid of nuclear weapons", he added, alluding to a planned meeting between the USA and North Korea.
Kim meets Xi for second time in China
China's top diplomat, Wang Yi, met with Kim in Pyongyang last week, the first trip there by a Chinese foreign minister since 2007. Indeed, despite the short turnaround between Xi and Kim's meetings, there was a lot to catch up on.
In the early hours of Thursday morning, Mr Trump welcomed home the three Americans released by Pyongyang - and said it was a "great honour" to greet them at Andrews airbase near Washington.
Kim Hak-song, Tony Kim, and Kim Dong-chul flashed peace signs as they emerged from the airplane, and they appeared to be in decent health.
"We will see if we can do something", Trump told reporters Thursday. They later gave the president a round of applause.
In Seoul, South Korea's presidential office, Cheong Wa Dae, welcomed the announcement of the summit.
For the first time, the president provided details about the history-making meeting between a sitting American president and the leader of North Korea over denuclearisation.
"We also want to thank the President for engaging directly with North Korea", the family said.
On Tuesday, Kim and President Xi had met in a northern Chinese port city.
Vice President Pence suggested on Thursday that one of the three Americans released by North Korea may have been treated harshly in captivity when he revealed that a detainee had been kept from daylight for "a very long time".
USA service members on the tarmac burst into applause and cheers.
If the issues of the abductions and North Korea's nuclear and missile programmes are resolved, "that would clear the way for economic cooperation for North Korea", a government source was quoted as saying by Japan's Kyodo news agency.