Trump to ‘massively’ cut taxes and regulation

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President Donald Trump has pledged to “massively” cut regulations and taxes on companies that keep jobs in the US.

After meeting business leaders, Mr Trump also warned them he would impose a “very major border tax” on companies that move manufacturing out of the US.

The remarks came on the first weekday of his White House after a weekend of anti-Trump protests and a media row.

The president is expected to sign a series of executive orders and meet congressional leaders on Monday.

“We’re going to be cutting regulation massively”, but the rules will be “just as protective of the people”, he told reporters after the morning meeting in the White House’s Roosevelt Room.

He pledged to lower corporate taxes to 15% or 20% from the current 35% and lift regulations by up to 75%.

Since winning the White House, Mr Trump has upbraided US companies that have moved factories overseas.

Vowing to slap taxes on foreign-manufactured products, he told executives on Monday: “All you have to do is stay.”

His comments followed a meeting with executives from companies including defence manufacturer Lockheed Martin, apparel maker Under Armour, appliance manufacturer Whirlpool, electric-carmaker Tesla and pharmaceutical giant Johnson & Johnson.

“Busy week planned with a heavy focus on jobs and national security,” Mr Trump said in a tweet early on Monday.

 

BBC