But he did tighten rules for Americans travelling to Cuba, ban ties with a military-run tourism firm and reaffirm the existing US trade embargo, which will be firmly enforced.
But Bennet, who visited Cuba with a congressional delegation in February, called Trump's move "disappointing" and said it stands to stymie potential export markets for Colorado businesses and agriculture producers.
In a statement released on Friday evening on government-run Web sites and TV, Cuban President Raul Castro's administration said Trump's speech was "loaded with hostile rhetoric that recalls the times of open confrontation".
However, with the slight thaw in relations ushered in by Mr Obama, "the past two years has shown that the U.S. and Cuba can co-operate and live together in a civilised manner, respecting differences and working together to benefit both nations and peoples". Cuban-Americans can still send money to relatives and travel to the island without restriction.
USA businesses and citizens will be excluded from doing business with any company controlled by the Cuban Armed Forces (FAR) or its intelligence or security services.
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But the overwhelming majority of the Cuban economy is controlled by the government. More than a year ago, former President Barack Obama loosened restrictions on travel to Cuba, allowing individuals and groups to go to the island nation for educational purposes. United States airlines and cruise ships are to still be allowed to serve the island 145km south of Florida. Trump's speech evoked, instead, the Cold War thinking that dominated the U.S. government's stance toward Cuba for a half-century.
However, Trump has threatened to undo any deal Washington made with Havana if Cuba fails to take steps to improve the lives of the Cuban people.
"Easing of restrictions on travel and trade does not help the Cuban people", he said at an event in Miami on Friday.
Trump also demanded the return of USA fugitives including Joanne Chesimard, a black militant convicted in 1977 of the murder of a New Jersey state trooper.
President Donald Trump reverses an Obama-era deal to normalize U.S. -Cuba relations on Friday in Miami.
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The move is created to target the repressive elements of the Cuban regime over human rights concerns and not the Cuban people, said officials, who briefed reporters ahead of the announcement on the condition they not be named. Under the expected changes, the US will ban American financial transactions with the dozens of enterprises run by the military-linked corporation GAESA, which operates dozens of hotels, tour buses, restaurants and other facilities.
As previously reported by FOX Business, at least one non-profit group said that rolling back travel expansions would hurt US airlines that have flights to the island.
As a part of the deal forged with Cuban President Raul Castro, Obama eased economic and trade restrictions that dated back to the US embargo on Cuba that began in the 1960s. The moves to be announced by Trump are only a partial reversal of Obama's policies, however. However, sources in the Cuban government said Havana is keen to continue joint efforts in sectors such as law enforcement, counter-terrorism, human and drug trafficking.
"We're the ones who are hurt", said Camilo Diaz, a 44-year-old waiter in a private restaurant in Havana.
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