There was no immediate word on whether the talks had produced any progress toward a ceasefire in the war, a goal that Trump had set at the outset. The pair were set to jointly speak to reporters shortly.
Trump and Putin, along with top foreign-policy aides, conferred in a room at an Air Force base in Anchorage, Alaska in their first meeting since 2019. A blue backdrop behind them had the words "Pursuing Peace" printed on it.
Trump's publicly stated aim for the talks was to secure a halt to the fighting and a commitment by Putin to meet swiftly with Ukrainian President Volodymyr Zelenskiy to negotiate an end to the war, which began when Russia invaded its neighbor in February 2022.
Earlier in the week, Trump said he would know if Putin was serious about peace within minutes of seeing him. He also threatened to walk out of the talks if they were unproductive.
Zelenskiy, who was not invited to the summit, and his European allies fear Trump might sell out Ukraine by essentially freezing the conflict with Russia and recognizing - if only informally - Russian control over one-fifth of Ukraine.
Trump sought to assuage such concerns as he boarded Air Force One, saying he would let Ukraine decide on any possible territorial swaps. "I'm not here to negotiate for Ukraine, I'm here to get them at a table," he said.
Asked what would make the meeting a success, he told reporters: "I want to see a ceasefire rapidly ... I'm not going to be happy if it's not today ... I want the killing to stop."
Once on the ground in Alaska, Trump greeted Putin on a red carpet on the base's tarmac. The two shook hands warmly and touched each other on the arm before riding in Trump's limo to the summit site nearby.
The initial talks also included US Secretary of State Marco Rubio, Trump's special envoy to Russia, Steve Witkoff, Russian foreign policy aide Yury Ushakov and Foreign Minister Sergei Lavrov.
Trump hopes a truce in the war that Putin started will bring peace to the region as well as bolster his credentials as a global peacemaker worthy of the Nobel Peace Prize.
For Putin, the summit is already a big win that he can portray as evidence that years of Western attempts to isolate Russia have unravelled and that Moscow is retaking its rightful place at the top table of international diplomacy.
Putin is wanted by the International Criminal Court, accused of the war crime of deporting hundreds of children from Ukraine. Russia denies allegations of war crimes and the Kremlin has dismissed the ICC warrant as null and void. Russia and the United States are not members of the court.
Both Moscow and Kyiv deny targeting civilians in the war. But thousands of civilians have died in the conflict, the vast majority of them Ukrainian.
A conservative estimate of dead and injured in the war in Ukraine - from both sides combined - totals 1.2 million people, Trump's envoy to Ukraine, Keith Kellogg, said in May.
Trump, who once said he would end Russia's war in Ukraine within 24 hours, conceded on Thursday it had proven a tougher task than he had expected.
He said if Friday's talks went well, quickly arranging a second, three-way summit with Zelenskiy would be more important than his encounter with Putin.
Zelenskiy said Friday's summit should open the way for a "just peace" and three-way talks that included him, but added that Russia was continuing to wage war. A Russian ballistic missile earlier struck Ukraine's Dnipropetrovsk region, killing one person and wounding another.
"It's time to end the war, and the necessary steps must be taken by Russia. We are counting on America," Zelenskiy wrote on the Telegram messaging app.
Zelenskiy has ruled out formally handing Moscow any territory and is also seeking a security guarantee backed by the United States.
Trump said before the summit that there is mutual respect between him and Putin.
"He is a smart guy, been doing it for a long time, but so have I ... We get along," Trump said of Putin. He also welcomed Putin's decision to bring businesspeople to Alaska.
"But they're not doing business until we get the war settled," he said, repeating a threat of "economically severe" consequences for Russia if the summit goes badly.
