But the President and other senior officials have publicly and privately stated the negotiations are going well and that the two sides are continuing to bridge their differences at every round of talks.
Businesses have been planning for the scenario of rising tariffs at the beginning of next month, by rushing imports and stockpiling goods - although that doesn't mean companies are embracing increased duties.
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.
If the talks do not succeed, Trump has threatened to increase US tariffs on Chinese imports. Despite Trump's tormenting comments, which excruciated the financial market atmosphere and added new worries to the existing global slowdown and geopolitical tensions, White House Economic Adviser Larry Kudlow told the reporters on Thursday (February 7th), that, the leaders of the two economic superpowers might have still met at a later date.
But the US President said the two would "maybe" meet later.
On Thursday, while acknowledging that Trump was still optimistic about a deal, Kudlow said, "We've got a pretty sizable distance to go here".
The S&P 500 Index closed down 0.93 percent in its biggest drop in two weeks.
President Donald Trump said Thursday he will likely not meet with Chinese President Xi Jinping before a 90-day trade truce between the two countries is up. Treasury bond yields dropped as investors sought safety in sovereign USA debt.
Asian stocks tumbled Friday on worries the US and China won't reach an agreement. U.S. Treasury bond yields also dropped following the move of investors in securing their safety in sovereign U.S. debt.
"I could see where that would impact the markets because obviously we had a lift in the month of January from optimism surrounding these trade talks", said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. It also did nothing to remove the underlying cause - Chinese retaliatory tariffs - of last year's collapse in US soy exports to China.
During his meeting with Liu, Trump hailed a Chinese offer to buy 5 million tons of soybeans, the most tangible outcome of two days of talks.
Mr Lighthizer told reporters last week that it was not certain a deal could be reached.
President Trump had set a deadline of March 2nd to reach an agreement on trade.