Asked about the possibility of applying more pressure to reach a peace agreement, he said: "We can do that, but I hope it won't be necessary."
The US president also hinted that Ukraine may take a tougher stance in peace talks.
Trump had previously emphasized that Washington was prepared to impose more severe sanctions if Russia continued its attacks on Ukrainian cities.
"We have economic options that could be very difficult and devastating for Russia, but I would prefer to find a diplomatic solution to peace," he told reporters at the White House.
US President Donald Trump warned on Wednesday that Russia would face new and devastating economic sanctions if it did not accept a 30-day ceasefire offer in the war in Ukraine.
Farzana Ahmadi
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