Mr. Trump recently said he would meet with his counterpart, but the White House backed off that earlier this week and on Thursday firmly said it wouldn't happen.
Trump is also uncertain whether there will be a meeting scheduled next month.
Trump told reporters last month that he planned to meet Xi in late February, adding there was a "good chance" of striking a deal.
However, Trump's recent comment had substantially aired negativity and dampened the hope of reform of quick trade pack, meanwhile impacting the global stocks dreadfully and fueling a steep slip in global stock markets including the USA & emerging market shares. Several rounds have taken place since Trump and Xi agreed to a 90-day halt on tariff increases a year ago at the G-20 summit, and additional discussions are scheduled for next week.
The Journal also said the two sides have not even drafted an accord specifying the matters they agree and disagree on.
Trump has been saying. The White House did not immediately respond to an email requesting comment.
With a March 1 deadline fast approaching, USA and Chinese officials resume negotiations next week to prevent escalation of a trade dispute that has major implications for the global economy.
Asked whether there could be a meeting with Xi around March, Trump said, "Not yet".
Along with planning a summit between Trump and North Korea's Kim Jong Un in Vietnam at the end of the month, the administration official told CNBC there may not be enough time. S. have until the start of March to strike a trade deal. U.S. Trade Representative Robert Lighthizer said he and Treasury Secretary Steven Mnuchin would advise the president on any future talks with Xi after they get back to the U.S.
Last week, Chinese and U.S. negotiators said they made "important progress", China's state media reported following the conclusion of two days of high-level talks in Washington, DC.
The news prompted a sharp selloff in USA stocks, dashing the optimism that had been building that the countries were progressing toward a deal before tariffs on Chinese imports rise to 25 percent after the March 1 deadline.
After the 90-day "cease-fire" was announced, the Trump administration maintained tariffs on $200 billion worth of Chinese imports would rise from 10% to 25% if the two parties did not reach a deal before the deadline.
In his State of the Union address on Tuesday, Trump said a trade deal needed to include "real structural change to end unfair trade practices, reduce our trade deficit and protect American jobs".
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