Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by 12:01 a.m. (0501 GMT) on March 2.
It was initially expected Trump and Xi would meet alongside the president's summit with North Korean leader Kim Jong-un between February 27 and 28 in Da Nang, Vietnam.
Trump has repeatedly denigrated past presidents' efforts to deal with China.
The S&P 500 Index closed down 0.93 percent in its biggest drop in two weeks.
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According to Peter Jankovskis, co-chief investment officer at Oak Brook Investments LLC in Lisle, Illinois, said believes said that the market was affected because the market was lifted in the month of January because of the optimism that surrounds the trade talks.
"They're hoping for more success", he said.
Let's put it this way: a diplomatic spat between France and Italy is making its way across the major news headlines at the same time as when investors are still no way nearer to understanding what is going to happen with Brexit in the run up to the March 29 Article 50 deadline, so it is quite possible that investors will prefer to have the United States dollars in their portfolio until the necessary guidance is provided for what could happen with either the Euro or the British Pound over the coming weeks. Washington accuses China of stealing USA intellectual property and forcing American companies to share their technology.
Such reforms have been a sticking point in talks so far.
The United States has threatened to more than double existing tariffs on Chinese goods at the start of March if there is no agreement on measures to reform China's trade practices, which Washington says are deeply unfair.
A meeting between the two leaders, which was announced last week after two days of trade talks in Washington, was originally expected to take place at the end of this month, close to Trump's second summit meeting with North Korean leader Kim Jong-un in Vietnam.
Four unnamed sources tell CNBC that the tariffs are likely to remain at their 10 percent level.