President Donald Trump's midterm election rebuke could reportedly prompt him to re-engage North Korea, but major concessions on nuclear weapons risk straining ties with key allies South Korea and Japan.

Pyongyang Shows Little Interest

U.S. and South Korean officials see fading chances of a meeting this year. Washington received no response from Pyongyang ahead of a regional summit in China this month, Reuters reported on Friday.

Kim Yo Jong, sister of leader Kim Jong Un, said North Korea sees no need for talks now. She also denied U.S. accusations that Pyongyang stole more than $6 billion in virtual assets from Binance last week.

Former U.S. negotiator Stephen Biegun said North Korea has "very little upside" to a meeting, according to the report.

In October, Trump said he "may" meet Kim during his Asia trip in November.

The White House did not immediately respond to MarketDash's request for comment.

Allies Fear Being Sidelined

Trump has called North Korea a nuclear power, a status allies refuse to recognize. A senior Japanese official, speaking anonymously, told Reuters that Tokyo and Seoul fear being "cut out of the loop."

"A summit that shelves denuclearisation would undermine deterrence," said Leif-Eric Easley of Ewha Womans University, the report added.

Why Trump Is Looking to Asia

Efforts to end the wars in Ukraine and Iran have yet to produce breakthroughs. Trump said Thursday he would soon decide whether to resume strikes on Iran, keep up economic pressure or pursue a negotiated settlement.

Analysts expect Trump to turn to Asia as he builds his legacy in his final two years.

"Trump is likely to devote significant effort to achieving foreign policy successes," said Ban Kil-joo of the Korea National Diplomatic Academy, according to Reuters.

From 2019 Summit to Today

Trump met Kim three times in his first term. Their 2019 summit ended without a deal on sanctions relief or nuclear weapons.

Since then, North Korea has expanded its nuclear and missile arsenal. Its ties with Russia and China are at their strongest in years, the report added.