The administration grabbed headlines by producing a propaganda-esque, movie trailer-style video directed at North Korea that paints Trump and Kim as two leaders on the cusp of greatness.
While Trump engaged in weeks of self-promoting followed by a round of self-congratulatory interviews and press conferences, the report suggests the deal amounted to little more than a showboat effort.
It warned the Trump-Kim summit could be in jeopardy, too.
South Korea and Japan are both market economies, democracies and United States allies and both are threatened by nuclear-armed North Korea, but their relationship is severely strained by historical and territorial issues.
Pompeo, however, said it is "hard to know" whether there will need to be a second summit between Trump and Kim.
The decision was seen by many critics as a significant concession made by the president, and Trump has repeatedly defended it since by saying that they are expensive and a lot of money will be saved.
Kim reaffirmed a vague commitment to work toward the "complete denuclearization of the Korean Peninsula", while Trump promised to provide security guarantees to North Korea and suspend joint military drills with South Korea as long as negotiations with the North continue in "good faith".
Donald Trump readies $200 billion in China tariffs, citing 'unacceptable' policies
Trump's move comes after Beijing announced it would retaliate in kind to planned US tariffs on $50 billion in imports from China . Then China followed suit, unveiling 25 per cent duties on US$50 billion in U.S. imports - matching the United States rates.
In recent weeks, Mr Kim has seemingly reversed years of North Korean foreign policy.
Sweeping exaggerations about policy efficacy has become a sticking point of the Trump administration and based on this report, that hasn't changed, even on the global stage.
He said his understanding was that any suspension would involve only major military exercises and that regular training of U.S. forces in South Korea would continue, although final decisions were up to the Department of Defence.
"South Korea and the United States have agreed to suspend all planning activities regarding the Freedom Guardian military drill scheduled for August", according to a South Korean defense ministry statement.
Speaking at a news conference last Tuesday after his summit with Kim, Trump abruptly announced that he was suspending military exercises with the South, "unless and until we see the future negotiation is not going along like it should".
Kim is expected to meet with Chinese President Xi Jinping to brief him on the results of Kim's summit with Trump in Singapore. "President Obama said that North Korea was our biggest and most unsafe problem".
And, just in time for Father's Day, news broke that a Honduran father took his own life after Trump's Justice Department ordered border agents to separate children from their parents if they're caught crossing the border illegally. The US had always insisted they are purely defensive in nature.
Kim arrived in Singapore and was flown back to Pyongyang in an Air China jet. He said sanctions will stay in place until the denuclearization process begins.