Trump wants to slash regulations tax by 75% or 'maybe more'

Trump said he would impose a heavy tariff on companies that move jobs outside the US

The Dollar Business Bureau

US President Donald Trump told business leaders on Monday he would impose a heavy tariff on companies that move operations outside the US and slash regulation tax by as much as 75%.

Praising the executives as “great people”, Trump said, "What we're doing is we are going to be cutting taxes massively for both the middle class and for companies, and that's massively.  We think we can cut regulations by 75%, maybe more, but by 75%. 

"A bigger thing, and that surprised me, is the fact that we're going to be cutting regulation massively," he added.

The President met CEOs at the White House, where he continued his promises of providing better economic opportunities for them as well as the American workers. He also signed an order withdrawing the US from the Trans-Pacific Partnership trade agreement. 

The business leaders who attended the meeting included Mark Fields of Ford, Marillyn Hewson of Lockheed Martin, Alex Gorsky of Johnson & Johnson, Michael Dell of Dell, as well as SpaceX chief Elon Musk and Under Armour's Kevin Plank. 

Trump also reiterated his campaign promises to slash taxes for businesses to anywhere between 15% and 20% from the current 35%. He said he would reward companies that manufacture in America and impose border taxes on American companies'-manufactured products in the other countries.

"What we want to do is bring manufacturing back to our country. That doesn't mean we don't trade because we do the trade. We want to make our products here,” Trump said.

The Dollar Business Bureau - Jan 24, 2017 12:00 IST