U.S. President Donald Trump kicked off his first full week in office this morning by telling leaders of companies ranging from defense manufacturer Lockheed Martin Corp. to sportswear apparel maker Under Armour Inc. that he believes his administration can cut U.S. regulations governing companies by 75% or more.
Reuters reports that in a meeting with about 10 senior executives at the White House, Trump also reiterated his pledge to impose a hefty border tax on companies that want to import products to the United States after moving American manufacturing facilities abroad. But, he added, those that want to set up factories in the United States will see quick approvals to build.
Trump also promised tax advantages to companies that produce products domestically, The Associated Press reports.
“All you have to do is stay,” Trump told the business leaders in the White House’s Roosevelt Room.
Tesla CEO Elon Musk and Marillyn Hewson of Lockheed Martin were among the executives who attended the meeting. The gathering kicked off a jam-packed day for the new president, including an evening reception with lawmakers from both parties and a sit-down with union leaders.
The president also planned to sign multiple executive orders in the Oval Office. Trump had pledged to quickly use his executive authority to withdraw the U.S. from the 12-nation Trans-Pacific Partnership trade pact agreed to under the Obama administration. He’s also expected to sign an order implementing a federal government hiring freeze.
Conservatives are also eager for Trump to sign an order reinstating a ban on providing federal money to international groups that perform abortions or provide information on the option. The regulation, known as the “Mexico City Policy” or, by critics, the “global gag rule,” has been a political volleyball, instituted by Republican administrations and rescinded by Democratic ones since 1984.
Trump ran for office pledging to overhaul U.S. trade policy, arguing that massive free-trade agreements have disadvantaged American workers. Since winning the White House, he’s aggressively called out companies that have moved factories overseas, vowing to slap taxes on products they then try to sell in the U.S.
“Some people say that’s not free trade, but we don’t have free trade now,” Trump said this morning.
