If a deal is not struck before then, US tariffs on Chinese goods will increase, barring some sort of extension.
China and the United States had taken a 90-day hiatus in their trade war to hammer out an agreement, and another round of talks scheduled for next week in Beijing. Trump's remarks came hours after media reports that the meeting was "highly unlikely", citing a senior White House official.
The American Soybean Association says trade talks are good, soybean purchases are good, but lifting the tariff that China slapped on USA soybean imports would be better.
If the talks do not succeed, Trump has threatened to increase US tariffs on Chinese imports.
There had been speculation that Trump might meet the Chinese leader after he flies to Vietnam in late February for a summit with North Korea's Kim Jong Un.
Larry Kudlow, Trump's top economics advisor, told reporters Thursday he still anticipates a meeting between Trump and Xi, CNBC reports, but the details are not yet planned.
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"Maybe". Nonetheless, earlier last month, Trump had said that he would like to meet the Chinese President in order to resolve their trade differences and sprouted optimism over ongoing tariff warfare with China. "But that is off in the distance still at the moment", he said.
The S&P 500 Index tumbled to its low of the day, down 1.6 percent in its biggest drop in more than a month. Treasury bond yields dropped as investors sought safety in sovereign USA 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.
Treasury Secretary Steven Mnuchin (mih-NOO'-shin) and trade representative Robert Lighthizer are leading a team to Beijing next week to continue talks aimed at resolving a costly trade war. It also did nothing to remove the underlying cause - Chinese retaliatory tariffs - of last year's collapse in USA soy exports to China. It is also expected that the situation will negatively affect the US stock market.
The White House said in a statement that the United States and China made progress during bilateral trade talks in Washington, DC last week, but much work remains to be done. Lighthizer told reporters last week that it was not certain a deal could be reached.
What happens to tariff rates on March 2 remains unclear. "I have complete confidence in the president, both to close a deal if we get to that point, but also to make that judgment".