As of now, there is no certainty on the deal, the daily said citing unnamed governmental sources.
Trump is expected to meet with Chinese President Xi Jinping at the Group of 20 summit in Buenos Aires this weekend.
In a phone call Wednesday, Trump and Turkish President Recep Tayyip Erdogan expressed their concern about the incident, said White House press secretary Sarah Huckabee Sanders.
The meeting offers an "opportunity to break through" after progress toward a trade agreement stalled in recent months, according to White House economic advisor Larry Kudlow. "So I really don't know", Trump told reporters at the White House.
US-Russia relations are under huge strain, while Trump is under investigation at home for alleged collusion with Moscow during his 2016 presidential election win. The two leaders will have dinner on Saturday.
"China should change its practices and come into the community of responsible trading nations", he said.
A U.S. official said there were no plans for a joint press conference or a joint statement, adding that it would be up to the two leaders to give their impressions of the discussion separately.
Trump requests Pakistan's help on Afghan peace after Twitter tirade
He had said that the government would give eggs and chickens to the rural women so they can start their own poultry business. The Pakistani leader insisted his country was being made "a scapegoat" for US military "failures" in Afghanistan.
Facing the prospect of a no-statement summit, European delegations were trying to create a common front and may come out with their own separate declaration if they can't get the USA or others on board. In a speech to lawmakers in Spain, where he is conducting a state visit before attending the summit in Argentina, he said the world is facing "instability, uncertainty and hot topics without precedents in our history". "In economic terms we need to decide if we are going to follow the economic globalization and free market or if we are going to choose unilateralism and protectionism". He then added the caveat that fairness and reciprocity must be a part of the deal.
Goldman argued the three possible outcomes of the highly anticipated meeting and said that "The first and in our view most likely is continuing on the current path of "escalation" - tariff rates rise to 25 percent on all imports now under the tariff, and tariffs are extended to remaining Chinese imports".
The Trump-Xi meeting would be the first since the two countries began hitting each other with import taxes earlier this year. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.
The heads of the world's two largest economies are set to meet on the sidelines of the G-20 summit in Argentina, where world leaders will convene on Friday and Saturday.
Analysts are skeptical that Buenos Aires will witness a breakthrough big enough to forestall Trump's threat to toughen the China tariffs in January - or even if there is, whether it will hold for long.
And he noted that the U.S. economy is in a strong position, while China is slowing and is in "a slump". Posing for photos in a gilded salon, Trump spoke about their longtime personal relationship and said they would discuss trade, military purchases and other issues. He shrugged off the potential for higher consumer costs, saying "I can make it 10 percent and people could stand that very easily".