So, what do both nations want, rather expect, from one another?
For starters, US has been primarily concerned about what it considers as nuclear proliferation being done illegally by North Korea. A number of missile tests conducted by North Korea in recent months has triggered alarm bells in the US - a country which previously thought claims made by North Korea about its nuclear prowess were baseless. They weren't and many experts feel now that the country is close to developing missiles that could reach the western coast of the US.
So, denuclearization is the primary demand that US has put forth. Dismantle and desist is what US has previously told North Korea and it is something that Trump is likely to repeat. Afterall, North Korea did conduct six nuclear tests in just one month - September of 2017.
Security analysts believe though that behind the smiles and waves, the issue of denuclearization might not sit too well with North Korea - a country that sees its missiles as crucial for its survival. A large part of North Korea's annual budget is dedicated to developing its nuclear weapons and modernising its military. While almost everything is done in complete secrecy, it is mostly known that Pyonyang feels its weapns are a part of its identity.
And what does North Korea expect from the US?
For starters, respect. "Even if a country had a hostile relationship with us in the past, our attitude is that if this nation respects our autonomy... we shall seek normalisation through dialogue," read a recent editorial in a government-controlled media outlet.
North Korea is also, perhaps, expecting tight UN sanctions imposed on it to be relaxed. In return for denuclearization, only relaxed sanctions though is unlikely to figure as a prominent demand. For now, only guessing games are being played about what the real demand might be just in case North Korea does agree to give up its nukes.