Dow opens more than 100 points lower amid Target earnings miss, China trade worries
He also told reporters he was not sure about whether a scheduled meeting with the North Korean leader Kim Jong Un would actually happen.
At around 9:10 a.m. ET, Dow futures indicated an implied drop of about 160 points at open. The Nasdaq and S&P 500 futures also indicated a lower start to the session for their respective markets.
The Dow, which started Tuesday's session on a high note, dropped nearly 200 points by the closing bell following the president's remarks.
"It's basically removing what we were given on Monday: that the enthusiasm that the Sino-American relationship was healing by the way of the U.S. and China agreeing on some format to solve the trade dispute," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
"It was enough to increase uncertainty in the marketplace," he added. "And at least so far, it's been measured pullback."
In corporate news, several major retailers reported earnings on Wednesday.
Shares of Minneapolis-based Target sank more than 5 percent in premarket trading after it reported first-quarter earnings that missed analysts' expectations on both the top and bottom lines.
The company blamed poor spring weather for the disappointing performance as it works to remodel many of its locations.
"Strong sales growth in our home, essentials and food and beverage categories offset the impact of delayed sales in temperature-sensitive categories, which accelerated rapidly in recent weeks as weather improved across the country," CEO Brian Cornell said in a statement.
Home improvement retailer Lowe's also missed expectations for the first quarter, reporting a rise in sales of just 0.6 percent versus expectations of a 3 percent increase, according to Reuters.
High-end jeweler Tiffany, meanwhile, easily beat analysts' estimates. The company's stock rose more than 14 percent in premarket trading after reporting earning per share of $1.14 versus expectations of 83 cents. It also raised its full-year guidance in light of the solid beat.
The New York-based company suggested its comeback plan is working to retain price-conscious millennial shoppers from drifting to new competitors.
On the data front, minutes from the Federal Reserve's latest meeting will be released at 2 p.m. ET.
The minutes are expected to show the Federal Open Market Committee on track to raise rates in June in an effort to stay ahead of creeping inflation.
Minutes from their previous meeting showed that "all participants" expected both the economy to strengthen and inflation to rise "in coming months," citing strong spending patterns and a consistently tight labor market.
Rising inflation, which threatens Treasury prices because it erodes the purchasing power of their fixed payments, puts upward pressure on rates.
The yield on the benchmark 10-year Treasury note, though down at 3.02 percent on Wednesday, has climbed roughly 60 basis points since January. The speedy increase in the cost of borrowing has frequently put on edge, sparking an equity sell-off earlier in the year.
The dollar index, which tracks the dollar against a basket of other currencies, was up 0.4 percent at 94.02.