We are back to the beginning of last April. That is, U.S. military is converging to S. Korea for another military exercise(with carriers involved,) Trump issues bold-faced threat, China says it could stay neutral when U.S. attacks N. Korea and cuts off some trade with N. Korea, Kim suspends an upcoming test(nuclear bomb or missiles,) and Trump promises to go easy on China with regard to trade.
The current situation is a slightly upgraded version of the last one. If it does not followed by a significant movement to a resolution, all it does is to just freeze the situation It would just delay the process not reverse it.