President Trump met with 10 senior business executives at the White House Monday morning, a meeting in which he vowed to cut regulation and slash the corporate tax rate.
The president described government regulation as “out of control,” during the session with executives from Ford, Dow Chemical, Tesla and Dell.
Trump, who made the return of manufacturing jobs to American soil the centerpiece of his campaign for the White House, estimated corporate tax rates could be lowered under 20 percent and regulation reduced by as much as 75 percent.
Mr. Trump also renewed his promise to slap a “border tax” on American firms which leave the United States, although he did not expand on details of his proposal.
Although business leaders were more eager to see regulations rolled back, many expressed optimism after the meeting with Trump.
“I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies — tax, regulatory or trade — to drive that,” said Ford Motor CEO Mark Fields.
Trump invited business leaders to return to the White House in 30 days to examine their suggestions to bolster the manufacturing sector and spur economic growth.
Following his morning meeting with corporate executives, Trump held a similar meeting with labor union officials to discuss free trade. Trump’s discussions with labor leaders representing construction, carpenters, plumbers and sheet metal workers occurred after he signed an executive order withdrawing from the Trans-Pacific Partnership (TPP) trade agreement.
“We’re going to get them working again. We are going to stop the ridiculous trade deals that are taking everybody out of our country and taking companies out of our country. It’s going to be reversed,” Trump declared.
Hours after being sworn-in as America’s 45th president on Friday, Trump ordered a freeze on “new or pending regulations” for all executive agencies until the administration reviewed them, a common practice of incoming presidents.
The freezes are expected to particularly effect the EPA, Agriculture and Transportation departments.
[Yahoo News] [The Hill] [Breitbart] [Politico] [Photo courtesy AP/Pablo Martinez Monsivais via Daily Mail]