The announcement comes after both countries have already unilaterally declared a ceasefire in connection with this weekend's celebration of the so-called Victory Day - the anniversary of Nazi Germany's surrender.
“This request was made directly by me, and I truly appreciate that President Vladimir Putin and President Volodymyr Zelenskyy have agreed to it,” Trump wrote on Truth Social.
Trump also wrote that talks "continue to end this great conflict."
"Hopefully this is the beginning of the end of a very long, deadly and hard-fought war," the president wrote.
According to Trump, the ceasefire will be in effect between May 9 and 11.
Ukraine's Volodymyr Zelenskyy confirms that the US has brokered a ceasefire and that prisoners of war will be exchanged. In a post on the X platform, Zelenskyy thanks Trump and the Americans for the diplomatic effort.
“We expect the United States to ensure that the Russian side complies with these agreements,” he wrote.
Russia also confirmed, via Kremlin adviser Yuri Ushakov, that an agreement was reached at Trump's urging, writes the AFP news agency.
Continued attacks
Earlier, before Trump's announcement, Russia announced that a short ceasefire would take effect as early as Friday. A similar announcement came from Ukraine earlier this week.
Despite this, both Ukraine and Russia have reported continued attacks in the past 24 hours.
Zelenskyy has described Russian artillery shelling along the front line, attempted advances by ground forces, and hundreds of drone attacks.
Russia reported unusually extensive Ukrainian attacks on Friday night, with several hundred drones targeting a total of over 20 regions.
Russia's Vladimir Putin is hosting the annual military parade in connection with the celebration of Victory Day on Red Square in Moscow on Saturday.
In Russia, where the war is creeping ever closer to everyday life, there have been warnings of massive attacks on central Kyiv if Ukraine tries to disrupt the parade.
“Less important”
According to Zelenskyy, there are now no plans for attacks that could affect the celebrations in the Russian capital.
“Red Square is less important to us than the lives of Ukrainian prisoners who can be brought home,” he wrote on X.
A small group of foreign leaders are visiting Russia this weekend. One EU leader, Slovakian Prime Minister Robert Fico, was due to travel to Moscow but later announced that he would not attend the parade.
Facts: Divided victory celebration
Every year on May 9, Russia commemorates the victory over Nazi Germany in World War II - or the Great Patriotic War, as it is called there. Many millions of Soviet soldiers and civilians died in the war.
Vladimir Putin has placed increasing importance on Victory Day and the parade in Moscow, but the Russian celebration is sensitive in many other former Soviet states where great sacrifices were also made. Relations with Russia have changed, and the grand parades are seen as propaganda for today's Russian armed forces.
Russia justifies its war of invasion against Ukraine with lies that the country is ruled by "Nazis" and that Ukrainian independence is extremist - to give the impression that today's war continues the struggle that was fought over 80 years ago, and to allude to a deeply rooted victory narrative among many Russians.
Nazi Germany surrendered after midnight on May 9, Moscow time. Ukraine has moved the entire holiday to May 8, in line with countries to the west, as a statement.
