President Donald Trump warned Russia Monday that it may face "severe tariffs" if a peace deal with Ukraine isn't negotiated.

Trump's tariffs could hit China, India and Brazil especially hard. All three countries are top buyers of Russian fossil fuels.

Trump also revealed that Putin had recently offered to assist in mediating between Israel and Iran during their brief June conflict — an offer he declined. “I said, ‘No, no, you help me get a settlement with you, with Russia,’” Trump recounted. “And I think we're going to be doing that too.”