President Donald Trump said he won’t meet Chinese President Xi Jinping before a March 1 deadline to avert new U.S. tariffs on Chinese goods, intensifying fears the two won’t strike a deal before the end of 90-day trade truce.

Trump responded “No” and shook his head Thursday when reporters at the White House asked him if he would meet with Xi this month. Then he added, “Unlikely.”

But the U.S. president said the two would “maybe” meet later.

The S&P 500 hit a session low shortly after the news that Trump was unlikely to meet Xi this month was first reported by CNBC.

Trump told reporters last month that he planned to meet Xi in late February, adding there was a “good chance” of striking a deal.

The president is headed to Asia to meet North Korean leader Kim Jong Un in Vietnam Feb. 27 and Feb. 28.

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