"I don't think he likes me too much anymore, but that's OK", Trump told reporters in London.
All three major stock indexes stepped further away from last week's record highs that were fueled by hopes that an interim deal between the United States and China was in the offing.
The president added that Washington is in a stronger negotiating position than the Chinese regime, given China's weak economic performance.
Earlier on Tuesday, Chinese state media said the government would soon publish a list of "unreliable entities" that could lead to sanctions against USA companies, signaling trade talks between the two nations are increasingly under threat from disputes over human rights in Hong Kong and Xinjiang.
The US and China are continuing talks to hammer out a "phase one" agreement. The President said there was no-deadline for the trade deal and a deal would be completed when he was ready. "The China trade deal is dependent on one thing: Do I want to make it?"
"We've seen this happen numerous times, where there's a trade disappointment and there's a stock market sell-off", said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. The Trump administration has threatened to impose tariffs on more Chinese imports starting that day.
CBS News says, according to a U.S. Steel quarterly earnings call, selling prices for U.S. Steel were already expected to rise. "So that's only a technical issue", Ross said on CNBC on Tuesday.
Ross added that the president is "perfectly happy" to continue with the current tariffs on Chinese goods if the right deal is not reached.
Beijing recently vowed to react strongly to Trump's signing of two human rights bills backing the Hong Kong pro-democracy movement a week earlier.
Ross said the regime's retaliation barring US port calls was "fairly modest".