"I wanted you to know how much we appreciate the American change in policy on Iran," Netanyahu said as the two leaders delivered joint statements at the prime minister's residence here, but took no questions from reporters.
"We can hold back Iran's march in this region and thwart Iran's unbridled ambition," Netanyahu added.
Trump said he wanted to work with Netanyahu to take on the "threat of (the) Iranian regime...causing so much violence and suffering."
With Trump standing beside him, Netanyahu also called Jerusalem the united and eternal capital of Israel and said Israel protects the holy sites of Judaism, Christianity and Islam.
He thanked Trump for becoming first sitting U.S. president to visit the Western Wall.
"You noted so succinctly that common dangers are turning former enemies into partners, and that is where we see something new and potentially very promising," Netanyahu said of possible peace with the Palestinians, nothing the "reassertion of American leadership in the Middle East."
"It will not be simple, but for the first time in many years, and the first time in my lifetime, I see a real hope for change," the prime minister added.
For his part, Trump said he wanted to reaffirm the "unbreakable bond of friendship" between the two nations and told Netanyahu that he was "deeply moved" by his visit to the Western Wall earlier Monday.
"It will leave an impression on me forever," Trump said.
"We want Israel to have peace," the president added, saying of the Israeli prime minister, "He's working very hard at it. It's not easy ... America stands ready to assist in every way we can."