Trump also said school safety was a "top priority" for his administration and he would be holding meetings on the subject this week and also next week, when he meets with governors from all 50 US states.
Calls to ban bump stocks have been mounting since Stephen Paddock, a retired accountant, used them on several of his weapons to kill 58 concertgoers in Las Vegas in October 2017 in the deadliest mass shooting in recent US history.
Trump -- who received strong backing from the NRA during his White House run -- said he had signed a memorandum "directing the attorney general to propose regulations to ban all devices that turn legal weapons into machine guns."
He said he expected them to be finalized "very soon."
"We must move past cliches and tired debates and focus on evidence-based solutions and security measures that actually work," he said. "We must do more to protect our children."
Trump said he would meet this week with students, local leaders, and members of law enforcement to develop "concrete steps" to "secure our schools, safeguard our students, and protect our communities."
"This includes implementing common sense security measures and addressing mental health issues," he said, "including better coordination between federal and state law enforcement to take swift action when there are warning signs.
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