Speaking in the Rose Garden at the White House, the US president said he wants to redirect funds into other organisations, as part of an anti-China address.
He announced he would issue a proclamation that would secure research at US universities - a move which will mean the US relies on its own science, rather than that of the global health body.
Mr Trump has spent weeks taking aim at the WHO, accusing them of not acting fast enough on the coronavirus outbreak.
The president claimed in his speech on Friday that China had "total control" over the organisation, and that the country pressured the WHO to mislead the world during the initial outbreak of COVID-19.
President Trump's move is expected to significantly weaken the organisation while it is in the midst of the COVID-19 pandemic.
