That includes the goal of directing more US money to private Cuban entrepreneurs.
However, the Treasury Department said the administration wants to ensure the policy change would not impact existing business.
Under former president Barack Obama's regulations, Americans could travel to the country under 12 approved categories, including religious activities, humanitarian projects, "support for the Cuban people", and journalistic activities.
"This is a bad deal sow violence and instability in the region, and they (the Obama administration - ed.) did not get anything in return", said trump.
"More than anything else, this change empowers the people of Cuba, not the government, not the regime, but the people", said Rubio prior to Trump's speech. He called for a policy of "principled realism" toward the island country - one that does not reward its leaders.
Trump issued a blistering denunciation of Cuba's communist government on Friday.
"The Castro regime has shipped arms to North Korea and fuelled chaos in Venezuela".
Trump's aides contend that Obama's efforts had done nothing to advance political freedoms in Cuba, while benefiting the Cuban government financially.
Yet diplomatic ties between the countries are not changing. It said in part: "These changes will disadvantage our businesses and undermine American tourism, which will also hurt the Cuban people ..."
Secretary of State Rex Tillerson said Cuba's inaction on human rights is a big reason for the policy shift. Sanctions regarding business dealings between the US and companies controlled by the Cuban military are also going to be reinstated, and American tourists will be prohibited from spending money in hotels or restaurants that are in any way linked to the Cuban government. That means "ending individual people-to-people travel".
However, the future of the cruise industry from Tampa to Havana is far from certain, until more details of Trump's new policy are released.
Trump also reaffirmed USA statutory embargo of Cuba.
President Donald Trump announced his Cuba policy Friday in Miami. Flake has warned that returning to a "get tough" policy that isolates the island would hurt everyday Cubans whose livelihoods are increasingly rooted in travel and tourism.
Also, the new rules will not target popular Cuban goods such as rum and cigars. "We will enforce the embargo".
Moran's views on the importance of trade with Cuba.
The embargo failed to remove Castro, or his brother Raul, from power. Critics charge that it hinders Cuba's private, small business sector from being able to form relationships with Americans.
Despite the promise of more clients, however, company president Al Ferguson is still against the Trump's decision.