Russian President Vladimir Putin has backed a proposal from President Trump to cut military spending in half as part of a potential three-way arrangement between the US, Russia, and China.

"I think it's a good idea. The US would cut by 50%, and we would cut by 50%, and then China would join if it wanted," Putin said in an interview on Monday.

The Russian leader said he couldn't speak for China but said Moscow could "come to an agreement with the US, we're not against it." He added that it was a "good proposal, and we are ready for a discussion about this."