Washington DC/IBNS: US President Donald Trump Wednesday warned his Russian counterpart Vladimir Putin of tariff hikes and more sanctions if he fails to strike a deal to end the Ukraine war "now".

"If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries," Trump said on his Truth Social network.

Trump said he was "not looking to hurt Russia" and had "always had a very good relationship with President Putin".

"All of that being said, I'm going to do Russia, whose Economy is failing, and President Putin, a very big FAVOR. Settle now, and STOP this ridiculous War! IT'S ONLY GOING TO GET WORSE," he said.

Trump took a harder line in his post than he had during a White House press conference on Tuesday when he said it "sounds likely" that he would apply additional sanctions if Putin did not come to the table.

During the press conference, Trump also declined to comment on whether he would continue his predecessor Joe Biden's policy of sending weapons to Ukraine to fight off Russia's invasion, launched in February 2022.

Before his inauguration on Monday, Trump had vowed to end the Ukraine war before even taking office, raising expectations he would leverage aid to force Kyiv to make concessions to Moscow.