The decision means about 348,000 Venezuelans with Temporary Protected Status, more than half of all Venezuelans in the program, could be deported and lose work permits in April, according to a government notice.
The notice said the protections were contrary to US interests and no longer justified by conditions in Venezuela. Trump, a Republican, took office on January 20 vowing to crack down on illegal immigration and humanitarian programs he says go beyond the intent of US law.
Trump tried to end most enrolment in the temporary protection program during his first term but was stymied by federal courts.
Homeland Security Secretary Kristi Noem moved to remove the deportation protections. (AP PHOTO)
The status is available to people whose home country has experienced a natural disaster, armed conflict or other extraordinary event.
"I don't know what will happen," said Venezuelan migrant Ana Maria Pirela, 26, who lives in California and has temporary protected status.
"Yesterday they fired my husband from his job - he had been managing a food store for two months - and I'm two months pregnant. I don't want to go back to Venezuela."
Former president Joe Biden, a Democrat, greatly expanded the temporary protection program. It now covers more than one million people from 17 nations, some in the US for decades, and they could face immediate deportation if they lose the status.
Hundreds of thousands of Venezuelans arrived in the US during Biden's presidency, many via legal humanitarian pathways, and deporting them has been challenging due to frosty US-Venezuela relations.
On Saturday, Trump said Venezuela had agreed to accept all deported people but provided few details. Last week, Noem cancelled an 18-month extension of temporary protections for Venezuelans by her Biden-era predecessor, saying the Trump administration did not want to be bound by that determination. On Monday, she stopped their status from automatically renewing for six months.
About 300,000 additional Venezuelans have Temporary Protected Status that expires in September and were not affected by Monday's decision.
The Department of Homeland Security said in the termination notice that while some challenging conditions remain in Venezuela, "there are notable improvements in several areas such as the economy, public health, and crime that allow for these nationals to be safely returned to their home country."
The termination will be effective 60 days after publication in the Federal Register, the notice said, or about the first week in April.
Venezuelan President Nicolas Maduro's government has taken some steps to control inflation, which previously was in the triple digits, but economic conditions in Venezuela remain dire for most people. The monthly minimum wage equals about $US3.
Maduro was inaugurated for his third term in January, despite a six-month-long election dispute, international calls for him to stand aside and an increase in the US reward offered for his capture.