WASHINGTON — President Trump said Friday he was considering “massive” sanctions and tariffs if Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky fail to set up a meeting to discuss peace negotiations.

“I’ll see whose fault it is. If there are reasons why, I would understand that,” Trump, 79, told reporters in the Oval Office after showing off a glossy photo of himself and Putin at last week’s summit in Alaska, which he said Putin had sent.

“I know exactly what I’m doing. We’re going to see whether or not they have a meeting — that will be interesting to see,” Trump said.

“And if they don’t, why didn’t they have a meeting? Because I told them to have a meeting. But I’ll know in two weeks what I’m going to do. I have a pretty good idea already.”

Trump also said he was unhappy with Russian airstrikes hitting a US-owned electronics factory in Ukraine Thursday and warned in a menacing tone that “I better be very happy” with peace-talk progress.

“I was just sent a picture by someone who wants to be [at FIFA World Cup events] badly,” Trump said, holding up an image that showed the US president’s tie slightly askew.

“He may be coming and he may not, depending on what happens… I thought it was a nice picture — of him,” Trump said after a dramatic pause.

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“OK of me, but nice of him. I thought it was very nice that it was sent to me.”

Trump added of peace talks: “Over the next two weeks we’re going to find out which way it’s going to go — and I better be very happy.”

But the president left his options open.

“Then I’m going to make a decision as to what we do,” he said. “And it’s going to be a very important decision. And that’s whether or not it’s massive sanctions or massive tariffs, or both, or do we do nothing and say, ‘It’s your fight’?”