Israel has accepted the 20-point plan for Gaza, while Hamas has not yet given its approval.
The proposal calls for an immediate cessation of military operations, a freeze on the battle lines, and the surrender of weapons by Hamas. Within 72 hours, Hamas must release 20 live Israeli hostages and the bodies. After that, Israel will release hundreds of Palestinian prisoners.
The plan also includes the creation of a Palestinian committee, with no role for Hamas, under the supervision of a transitional international body, the "Board of Peace", headed by Trump.
Meanwhile, the US proposes an economic development plan for the reconstruction of Gaza and leaves open the possibility of creating a Palestinian state in the future.
US President Donald Trump said that many Palestinians want to live in peace, but must "take responsibility" for their own fate.
He added that Palestinians have had a "difficult life" under Hamas rule.
However, Trump warned that if the Palestinians do not accept his plan, then only they themselves are responsible for the consequences.
Trump: If Hamas rejects deal, US will support continued attacks on Gaza
Trump declared that if Hamas does not accept the peace plan he has proposed for Gaza, the United States will support the continuation of Israeli attacks.
"It is time for Hamas to accept the terms of the plan that we have presented today," Trump said, noting that after the heavy human losses, there may be a new willingness on the part of Hamas. "This is a different Hamas than the one we have faced, because over 20,000 people have been killed," Trump said.
He added that the Hamas leadership has been hit hard, saying that "three times more have been killed than before."
Trump also claimed that Israel and regional allies agree with his 20-point proposal, but that they still need to convince Hamas to accept it.
"If Hamas rejects the deal, which is always possible, they are the only ones left to blame," Trump said, addressing Israeli Prime Minister Benjamin Netanyahu. " But if they don't implement the deal, as you know, Bibi, you will have fuller support to do what you have to do."