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President Trump plans to re-institute travel and business restrictions with Cuba, reversing another Obama administration policy.

"The new policy centers on the belief that the oppressed Cuban people — rather than the oppressive Castro regime’s military and its subsidiaries — should benefit from American engagement with the island," said a Trump administration statement obtained by USA TODAY.

The president will announce the changes during a speech in Miami Friday.

You can watch Trump's address live in the player above starting at 1:10 p.m. ET.

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Trump may announce his new Cuba policy as soon as this coming Friday, rolling back Obama-era regulations that allowed travel and trade after decades of frosty communication between the two countries. Video provided by TheStreet Newslook

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