The U.S. president suggested that in some ways, it might be better to wait until after the November 2020 election.
Trump has tried to make the case that he supports both Xi and the Hong Kong protesters, expressing confidence that they could work out a deal.
On Wall Street, the Dow Jones Industrial Average fell 280.23 points, or 1.01%, to 27,502.81, the S&P 500 lost 20.67 points, or 0.66%, to 3,093.2 and the Nasdaq Composite dropped 47.34 points, or 0.55%, to 8,520.64.
Sterling rose 0.5% to 1.30 U.S. dollars and 0.4% to 1.17 euros as the latest Kantar poll put the Tories 12 points ahead of Labour, in contrast to many other surveys showing a dwindling Conservative lead.
The FTSE 100 gave up 0.4%, as of 0835 GMT, as Washington's tariffs on steel and aluminium imports from key Latin American trading partners rekindled fears of trade tensions and overshadowed encouraging data from China and euro zone economies.
President Trump's remarks sent the stock market tumbling on Tuesday morning, as investors grappled to recalibrate to the suggestion that a trade deal with China could be a year away. Trump has repeatedly hailed some intermediate steps, including Chinese pledges to purchase American agriculture, while the broader negotiations have failed to sustain momentum.
"This is a measure that affects us very strongly", he told La Nacion. In between those announcements, the USA said it was considering increasing the scope of tariffs levied against the European Union over illegal Airbus subsides.
As late as last week, Trump boasted he was in the "final throes" of negotiating "one of the most important deals in trade ever".
The remarks suggested another round of China tariffs - due 15 December - might become reality, sending U.S. shares to their largest losses in weeks.
US President Donald Trump ambushed Brazil and Argentina on Monday, announcing tariffs on US steel and aluminum imports from the two countries in a measure that shocked South American officials and left them scrambling for answers.
"I'm going to call him so that he doesn't penalize us", Bolsonaro said.
As a result of the dismissive remarks, the Dow fell almost 400 points Tuesday morning as traders came to grips with the notion that a trade truce might not be finalized before another round of costly tariffs on some $160 billion worth of Chinese imports are imposed on December 15.
The Brazil Steel Institute, which represents the interests of steel exporters, said in a statement that the new tariffs would hurt not only Brazilian companies, but also US steel companies, as they would need the semi-finished products imported from Brazil.
Amid strong opposition, Trump slapped tariffs on imported steel and aluminum globally a year ago citing national security concerns, defined under Section 232 of the Trade Expansion Act of 1962. "If a deal cannot be reached by the end of this week, I do not see how USMCA can be ratified in 2019", said chairman Chuck Grassley, Iowa Republican. Both sides have been working to finalize the phase one agreement for signing.
An economist dismissed Trump's reason for imposing the tariffs.
He said he had given Argentina "a big break" on tariffs, "but now I'm taking that break off.
It's got to be right". "And China is paying for it, and China is having by far the worst year that they have had in 57 years".
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