The Google-owned service has prevented his account from uploading new videos or live-streaming material for a minimum of seven days, and has said it may extend the period.
The firm said the channel had broken its rules over the incitement of violence.
The president had posted several videos on Tuesday night, some of which remain online.
Google has not provided details of what Mr Trump said in the video it banned, however the BBC has discovered it was a clip from a press conference he had given on Tuesday.
The move came hours after civil rights groups had threatened to organise an ads boycott against YouTube.
Jim Steyer - who previously helped coordinate similar action against Facebook last year - had called on Google to go further and take the president's channel offline.
"We hope they will make it permanent. It is disappointing that it took a Trump-incited attack to get here, but appears that the major platforms are finally beginning to step up," he tweeted after the suspension.YouTube suspends Donald Trump's channel
Google said that Mr Trump could still face his page being closed if he falls foul of its three-strikes policy.
"After review, and in light of concerns about the ongoing potential for violence, we removed new content uploaded to Donald J Trump's channel for violating our policies," it said in a statement.
"It now has its first strike and is temporarily prevented from uploading new content for a minimum of seven days.
"Given the ongoing concerns about violence, we will also be indefinitely disabling comments on President Trump's channel, as we've done to other channels where there are safety concerns found in the comments section."
Meanwhile, Apple chief Tim Cook told CBS News that those involved with the riots on the US Capitol last week should be held accountable.
"Everyone that had a part in it needs to be held accountable. I think no one is above the law. We're a rule of law country."
He did not mention President Trump by name, but added: "I don't think we should let it go. This is something we've got to be serious about."