Twenty three people were salvaged within an hour after a "mishap" during a joint exercise off Queensland.
One of the three Marines believed to have died in an MV-22 Osprey crash off the coast of Australia was a ME native.
The MV-22 Osprey entered the water at around 4pm on Saturday (local time).
The Osprey launched from the USS Bonhomme Richard on Saturday afternoon during regularly scheduled operations and went down while trying to land.
Last December, an MV-22 Osprey based at Futenma ditched off Okinawa's coast, injuring five crew members.
Australian Defense Minister Marise Payne said the Australian military will provide ships and dive teams to assist the USA recovery effort.
Mr Trump, on the first day of his planned 17-day "working vacation" at his Trump National Golf Club in Bedminster, New Jersey, had been briefed on the incident by his new chief-of-staff John Kelly, a White House official told reporters.
Australian Defense Minister Marise Payne said the incident occurred off the coast of Shoalwater Bay in the eastern state of Queensland.
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Japan also plans to discuss with the United States whether it would be appropriate for Ospreys to take part in joint training between the Ground Self-Defence Force and the U.S. marines in Japan's northernmost main island of Hokkaido, planned to be held from Thursday, the defence minister said.
The Osprey is a tilt-rotor aircraft that can lift off without a runway, like a helicopter, and cruise like an airplane while in flight.
Suspending the search was not an easy decision, but it was the only logical one, after the efforts - which included aid from ships and aircraft - yielded no results.
The rescue mission continued overnight, but authorities fear the worst for the marines involved in the crash. In the past, some residents of Okinawa who were opposed to the US military base there have seized on the Osprey as a symbol of the Americans' presence. "Our thoughts are with all those affected by this tragic event and the Australian Government stands ready to support the USA further in any way we can", she said in a statement.
The tilt-rotor aircraft had been in Queensland as part of the Talisman Sabre joint training exercise between Australian and the USA, which ended on July 25.
In January this year, an MV-22 had a "hard landing" during a raid in Yemen, injuring three soldiers on board.
The Bonhomme Richard is home-ported at the USA naval base in Sasebo, Nagasaki Prefecture.
The Talisman Sabre exercise, which involved 33,000 troops from Australia and the U.S., its ally, concluded on July 25.