A Washington-based source briefed on the talks said that the United States side is willing to remove some tariffs, but wants additional concessions from Beijing to curb the forced transfer of U.S. technology to Chinese firms. Industry leaders in both countries cried foul.
A five-minute press briefing on Tuesday morning with the Nato Secretary General Jens Stoltenberg at the United States ambassador's residence in London turned into an nearly hour-long frenzied press conference.
Bolsonaro had previously stated that he would not delay in directly contacting Trump to settle the issue. No matter if the tariffs are lifted all at once or at separate stages, the USA must roll back all tariffs if it is going to show sincerity. The U.S.is already readying tariffs on $7.5 billion in EU imports over illegal subsidies for the European aircraft giant Airbus.
"I don't watch the stock market", Trump said.
"While we don't have time or much more patience with China, it's just the reality of what we're looking at", she said.
Brazil's Steel Institute said it was perplexed by Trump's decision.
Bolsonaro earlier this month met with China's President Xi Jinping in Brasilia and said the world's second-largest economy was "becoming more and more part of Brazil's future".
He said he had given Argentina "a big break" on tariffs, "but now I'm taking that break off".
Trump argued that move was negatively affecting American farmers and manufacturers by making it hard for them to fairly export their goods.
Trump on Monday also urged the Federal Reserve to prevent countries from gaining an economic advantage by devaluing their currencies.
EU Trade Commissioner Cecilia Malmström is no longer optimistic when it comes to avoiding U.S. tariffs on goods, thanks to the result of the WTO Airbus case.
Jose Urtubey, spokesman for Argentina's powerful UIA industrial lobby, said producers in the country will be harmed immediately by the tariffs.
Separately, Trump said that he asked Tokyo to pay more for the costs of stationing American troops in Japan, adding that he told Prime Minister Shinzo Abe during their meeting that Japan, a wealthy nation, should help the U.S.
He has also urged the US Central Bank to cut interest rates to weaken the dollar. Since the trade war began in July 2018, China's economy has slowed down significantly.
But it has signaled it will stand back before deciding on any further moves.
On Monday, Mr Trump made a surprise announcement on Twitter that he would restore tariffs on Brazilian and Argentine steel and aluminium.