But he said the gathering could take place in September around the time of the annual meeting of the United Nations.
"I'm postponing it because I don't feel that as a G7 it properly represents what's going on in the world", Trump told reporters on Sunday.
South Korean President Moon Jae-in told U.S. President Donald Trump on Monday that he would willingly accept the American leader's invitation to join this year's Group of Seven summit, South Korea's presidential Blue House said in a statement. Later, aides indicated he was seeking a larger group that could act as a counterweight to China, whose relationship with the United States reached a nadir last week amid disputes over coronavirus and Hong Kong.
On Friday, UK Prime Minister Boris Johnson "agreed on the importance of convening the G7 in person in the near future" following a conversation with the USA president, the White House said in a statement. Macron and Merkel have been tightly aligned at past G7 meetings in representing European interests.More news: U.S. astronauts dock at ISS after SpaceX launch
Trump said the meeting could be held the weekend before or the weekend after the UN General Assembly, which is scheduled to open - potentially virtually, not in person - on September 15 and run through September 30.
Trump's announcement comes after he received a mixed and uncertain response from other G7 leaders on attending the summit. Mr Trump had cancelled an in-person G-7 meeting scheduled for March.
The initial announcement drew skeptical responses from foreign capitals as governments waited for the USA to spell out what safety measures would be in place for the in-person summit. On declining economic growth rate in India in the wake of the coronavirus pandemic, O'Farrell said he was optimistic about the Indian and Australian economies.
"Given the fact Australia has emerged in the post-COVID era as even more potentially influential, given our record in dealing with the pandemic, now is the time to think big in terms of Australia's role in the world".More news: Ontario extends emergency orders for COVID-19 pandemic until June 9
Mr Morrison attended the 2019 G7 summit as a guest of French President Emmanuel Macron.
With the additional countries Trump has suggested adding to his summit it's not clear leaders would agree to two major gatherings in the same month.
But the sight of Mr Putin appearing in the United States - after the American intelligence community determined that Russian Federation interfered in the previous U.S. election to benefit Mr Trump - will inflame his critics and risk discomfiting some of his allies. He has also expressed his intention to invite four non-G7 countries to discuss China.
The leaders of the world's major economies were slated to meet from June 10-12 in the USA, but the coronavirus outbreak has now interfered with those plans.More news: Jeremiah Ellison, Son of Minnesota AG Keith, Declares ‘Support for Antifa’
The 65-year-old chancellor is the oldest G7 leader after Mr Trump, who is 73.