"I want peace like everyone else but I don't believe an agreement can be reached. I would tell Trump: 'Don't waste your time’," Shaked said at a diplomatic conference hosted by The Jerusalem Post newspaper.
The cabinet minister argued differences were too great between Israel and Palestine.
"Moving from defense to offense against Hamas means targeted assassinations of terror leaders in Hamas' military wing," Shaked said, adding Israel was close to controlling the entire enclave.
Prior to that, in September, Trump said he would be ready to unveil his Middle East peace plan in the coming months after working on it in secret. He stressed a two-state solution was the best way forward for Israel and Palestine.
However, Palestine has previously refused from the US' help as a mediator in the conflict after Washington relocated its embassy in Israel from Tel Aviv to Jerusalem. The move provoked outrage among the Palestinians and the Muslim world as a whole.