The annual summit of the world leaders was originally due to be held at Camp David back in June but was postponed until September due to the outbreak of coronavirus.
The G7 is a group of industrialised nations including Canada, France, Germany, Italy, Japan, the UK and the US.
But this year, Mr Trump – who is set chair the meeting – planned to invite leaders from nations not within the G7.
Mr Trump plans to invite the likes of Russia’s Vladimir Putin, India’s Narendra Modi and Australia’s Scott Morrison.
However, China’s Xi Jinping was notably missed as tensions between Beijing and Washington intensify.
According to the US President, formal invitations have not yet been sent out as he announced he is considering holding the summit after the November election, despite trailing behind in the polls.
He told a White House briefing yesterday: “I’m much more inclined to do it sometime after the election.
“Some people have already accepted, but we’re going to be doing it after the election… I think it’s just a better, calmer atmosphere to have a G7.
“We haven’t sent out invitations.
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A spokesman for Mr Morrison said: “We are aware of reports out of the United States regarding the G7 summit.
“We are continuing to discuss the issue with US officials.”
Relations between China and the US have grown strained over recent months following the outbreak of coronavirus.
Mr Trump has continually blamed the Communist nation for the outbreak which has killed thousands in the US and infected millions across the globe – allegations which China deny.
He also lashed out at the World Health Organisation claiming they are too “China-centric”.
With tensions already strained, fears of a World War 3 outbreak in the South China Sea region have been raised.
Both Washington and Beijing have increased their military presence in the region with US Secretary of State Mike Pompeo urging other nations to counter China’s dominance.
Mr Pompeo tweeted: “The United States’ policy is crystal clear: The South China Sea is not China’s maritime empire.
“If Beijing violates international law and free nations do nothing, history shows the CCP will simply take more territory.
“China Sea disputes must be resolved through international law.”