Russia faces tariffs '10 days from today' if no progress on ending Ukraine war
Mr Trump first announced on Monday that he was shortening the initial 50-day deadline he set a month ago for action from Moscow, and mentioned a new deadline of 10 to 12 days.
He told reporters on board Air Force One he had not heard a response from Russia.
Mr Trump said he was not worried about the potential impact of Russian sanctions on the oil market or prices, vowing to boost domestic oil production to offset any impact.
"I don't know if it's going to affect Russia, because (Russian President Vladimir Putin) wants to, obviously, probably keep the war going," Mr Trump said. "But we're going to put on tariffs and the various things that you put on."
The US president, who has in the past spoken about having a good relationship with Mr Putin, has grown increasingly frustrated with Moscow's refusal to agree to a ceasefire.
The fresh deadline suggests Mr Trump is prepared to move forward on his threat of sanctions, after previously hesitating on doing so.
Speaking in Scotland yesterday, he threatened sanctions on both Russia and buyers of its exports - also known as secondary sanctions - unless progress is made.
US Treasury Secretary Scott Bessent told reporters that he raised the issue of secondary sanctions with Chinese officials during two days of bilateral talks this week.
He said he told Chinese officials that Beijing could face high tariffs if it continued its Russian oil purchases.
In a post on X, former Russian President Dmitry Medvedev, a close ally of Mr Putin, said Mr Trump was playing "a game of ultimatums" that could lead to a war involving the United States.
Mr Trump, who is also struggling to achieve a peace deal in Gaza, has touted his role in ending conflicts between India and Pakistan as well as Rwanda and Congo.
Before returning to the White House in January, Mr Trump campaigned on a promise to end Russia's conflict with Ukraine in a day.
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