They discussed "the need for the government to adhere to the Venezuelan Constitution, release political prisoners, respect the National Assembly, and hold free and democratic elections", according to White House press secretary Sean Spicer.
The White House also informed that Venezuelan President Nicolas Maduro requested a phone call with the US President, which the latter declined saying that he will gladly pick up the call when democracy is restored in the former's country.
A spokesman for the US Department of Defense, Eric Pahon, would not comment on Mr Trump's threat of military action but did say that, "as of right now, the Pentagon has received no orders" regarding Venezuela.
Speaking to reporters on Friday at his Bedminster, New Jersey, golf club, Trump deplored Venezuela's growing humanitarian crisis and declared that all options remain on the table, including a potential military intervention, reports The Washington Post.
"There is an extremist elite in the United States government", he added, "and I really don't know what is happening and what will happen in the world".
Trump, who later changed out of his leisure gear back into a suit, announced to a crowd of reporters he is prepared to take military action against Venezuela following the government's power grab and street violence. Threaten a USA invasion.
Trump's threat of a "military option" in Venezuela seems to contradict the advice of his top national security adviser.
A military move by Trump could hinder US efforts to build a coordinated worldwide response to Maduro's undermining of democracy in his country, including among Venezuela's neighbors.
"The president is obviously growing impatient with a risky thug holding 30 million people hostage, with cowardly snipers murdering hungry democracy protesters", Roger Noriega, a former USA ambassador to the Organization of American States and assistant secretary of state for Western hemisphere affairs told McClatchy.
The U.S. military has not directly intervened in the region since a 1994-1995 operation that aimed to remove a military government from Haiti installed after a 1991 coup. "Venezuela will never surrender (...) should know the american empire", said the socialist president.
The power struggle between the government and the opposition has led to months of violent confrontations that have left more than 100 people dead, including protesters, government supporters and security forces.
"I am proud of the alleged sanctions. because I do not wag my tail like a lying dog", Maduro said.
Trump has been critical of Maduro's decision to allow an all-powerful legislative body to crush the elected members of parliament who oppose him.
Domestic politics in the United States may influence the final decision on whether to sanction Venezuela's oil sector.
Credit Suisse Group AG has barred its traders from buying or selling certain Venezuelan securities and business as the political and economic crisis in the South American country intensifies.