"The previous administration's easing of restrictions on travel and trade do not help the Cuban people", said Trump, adding that effective immediately, he was canceling Obama's "completely one-sided deal" with Cuba.
Despite his effort to roll back parts of Obama's Cuba policy, Trump left many of Obama's legacy intact, including remaining US embassy in Cuba.
But he conceded the US embassy that reopened in Havana during the Obama administration will remain, "in the hope that our countries can forge a much stronger and better path".
Remittances from people in the U.S. to Cubans will not be cut off.
The release goes on to say that the groups feel the rollbacks infringe upon their freedom to sell agricultural goods, as IL farmers value sales with the island nation.
Obama had announced in December 2014 that he and Castro were restoring ties and less than a year later, the US Embassy in Havana was re-opened with the then US president making a historic visit to the Communist country in 2016.
A man stands on his balcony, decorated with US and Cuban flags, in Old Havana, Cuba, in December 2014.
Trump's reversal will reinstate a number of travel and commercial restrictions between the USA and Cuba.
Trump's revised approach could see a stricter enforcement of a longtime ban on Americans travelling to Cuba as tourists, reported Al-Jazeera.
But the announcement made by President Trump, prohibit solo trips to Cuba, but would allow group trips to continue.
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Havana considers the new policy driven by Trump to be a "hardening of the blockade (...) which not only causes damage and deprivation to the Cuban people and constitutes an undeniable obstacle to the development of our economy, but also affects the sovereignty and interests of other countries".
Yet, while Cuba's tourism resurgence is a big part of the problem in the territory's efforts to grow its product and keep it relevant, Havana is only one player in a multi-prong threat that includes neighboring ports like Puerto Rico, Tortola and also St. Maarten, whose governments are investing heavily in rebranding, extending and promoting their own tourism offerings.
Trump concluded his speech in solidarity with the Cuban people, "May God bless everyone searching for freedom, may God bless Cuba, may God bless the United States of America".
"Obama did the right thing", said 77-year-old Manuel Gonzales, who left the island in 2006.
More broadly, USA engagement with Cuba has improved cooperation on everything from counter-narcotics to environmental protection. Only "heavily regulated" tour groups will be allowed to travel from the United States to Cuba, ABC News reported.
"US extremism aspires to cover the planet with misery, violence and death", she said in a series of tweets blasting Trump and praising Cuba.
The US president has been accompanied by Vice President Mike Pence, several cabinet members, Florida Gov. Rick Scott, congressmen of Cuban origin like Marco Rubio, Mario Diaz Balart and Carlos Curbelo and representatives of Cuban dissidents, Trump mentioned the Dissidents Jose Daniel Ferrer and Berta Soler, who were not allowed to travel to Miami, but "are here with us".
The policy memorandum directs the Treasury and Commerce Departments to begin the process of issuing new regulations within 30 days.
America severed ties with Cuba in 1961, shortly after Fidel Castro launched a revolution that toppled a USA -friendly government, and the two countries had been at loggerheads ever since.
Such trips will now only be possible through a US government-approved tour company, as was the case before 2016.
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