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Trump initially planned to hold the summit in June, even as the world struggled to contain the coronavirus pandemic.
German Chancellor Angela Merkel earlier said she had declined an invitation from the US president to attend next month due to the crisis.
With the latest announcement, made as the president was returning from Florida, the new date is expected to be around September this year - either before or after the annual meeting of the United Nations.
Along with the US, the G7 includes Canada, France, Germany, Italy, Japan and the United Kingdom. Five years ago, Russia was excluded from the then-G8 over its annexation of Ukraine's Crimea region.