Trump had said final resolution of the trade dispute would depend on the meeting with Xi "in the near future" but told reporters it had not yet been arranged.
Trump is also uncertain whether there will be a meeting scheduled next month.
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 U.S. & emerging market shares.
Asked whether there could be a meeting with Xi around March, Trump said, "Not yet". Trump and Xi last met in December in Argentina.
Trump has been saying.
Kudlow added that he had a "good vibe" about ongoing talks, and said that he saw all trade issues between the two countries as potential topics for discussion. Trump said previously he would meet Xi in February.
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Trump claims that he is in a warm relationship with the Chinese president.
The S&P 500 Index closed down 0.93 percent in its biggest drop in two weeks. Treasury Secretary Steve Mnuchin and the US Trade Representative Robert Lighthizer are expected in China next week to deploy the third round of negotiations between the two countries that have lasted since late a year ago. U.S. Treasury bond yields also dropped following the move of investors in securing their safety in sovereign U.S. debt.
The US stock market has fallen in response to the news, with hopes of a swift trade pact between the two leaders quickly dampened. "They're making a mistake because they need to be prepared", he said. A senior administration official now says there's "far too much work to do" in a short period of time before a deal can get done with China.
The United States is pressing China to make major reforms, including on structural issues related to how it treats USA companies doing business there.
Washington is demanding far-reaching changes from China to address unfair practices it says are deeply unfair, including theft of American intellectual property and the massive Chinese trade surplus.
While officials seemed optimistic after talks last week in Washington, more recent comments have jarred financial markets, amplifying concerns about how the dispute will affect global growth.