Chris Wallace, anchor of "Fox News Sunday," said Friday that there are likely few legal ramifications that could arise from President Trump allegedly knowing about a meeting his son, Donald Jr., had with a Russian lawyer in 2016.

Trump's former counsel Michael Cohen claimed the president knew about the Trump Tower meeting, which was supposedly billed as a way to glean compromising information on Hillary Clinton.

"The significance [of it], I don't know. The worst that you could say is ... that Donald Trump lied back in 2017 [when he denied knowledge of the meeting]," Wallace said.

MUST-SEE: Steelworker Brought to Tears While Talking About How Trump Has Helped American Workers

'HANNITY' EXCLUSIVE: Roseanne Apologizes to Jarrett, Says Tweet's Intention Was Political, Not Racial

"But, so what? It's not admirable," he said. "But it is not breaking the law [if he's] lying to the media."

Sandra Smith reported that Cohen is prepared to tell Special Counsel Bob Mueller that Trump knew of the meeting and later lied about such knowledge.

"It doesn't seem to me that it really hurts him in a legal sense," Wallace said of Trump Sr., saying Cohen's claims are a "long way from any hint of collusion between Trump and the Kremlin."

Trump has denied that he knew in advance of the meeting, tweeting on Friday morning that it appears Cohen is trying to make up stories to get himself out of jam.

.....I did NOT know of the meeting with my son, Don jr. Sounds to me like someone is trying to make up stories in order to get himself out of an unrelated jam (Taxi cabs maybe?). He even retained Bill and Crooked Hillary’s lawyer. Gee, I wonder if they helped him make the choice! — Donald J. Trump (@realDonaldTrump) July 27, 2018

See more from Wallace in the "America's Newsroom" clip above.

Geraldo: Former 'Consigliere' Cohen Could Represent a 'Significant Legal Threat' to Trump

DETAILS: Fox Business Flash Briefings Now Available on Your Amazon Alexa Device