Newly inaugurated President Donald Trump told business leaders he wants to cut federal regulations by 75% or more and repeated plans to slash taxes to encourage more manufacturing in the U.S.
Trump made the comments at a Jan. 23 meeting at the White House with a group of corporate executives.
"We want to start making our products again," Trump said. "We don't want to bring them in, we want to make them here." To help accomplish that goal, the president reiterated a goal of lowering the corporate tax rate to 15% to 20% from 35% now while enacting a "substantial border tax."
The president also promised to "be cutting regulation massively," by "75%, maybe more."
The comments came shortly after his administration began a freeze on new or pending rules until agency heads can review them. The White House issued an order late on Jan. 20 that directed all federal agencies and departments to stop sending regulations to the Office of the Federal Register, or OFR, until administration officials can review them and decide whether to approve or reject the rules.
Regulations that have been sent to the OFR but not published in the Federal Register must be immediately withdrawn in order for department and agency heads to review them. Regulations that have been published but have not taken effect will be postponed for 60 days from the date of the Jan. 20 order for review.
The memorandum made exceptions for regulations related to "emergency situations or other urgent circumstances" involving health, safety, financial or national security matters.
Trump made rolling back Obama administration regulations and other rules and reassessing trade deals a major part of his campaign. As a first step, the president signed several executive orders Jan. 23, including an order to withdraw the U.S. from the Trans-Pacific Partnership trade deal and another that would freeze hiring of federal workers.
According to the news outlet Axios, the Trump administration has also outlined a plan to cut funding for certain U.S. EPA programs, including $193 million in savings from terminating climate programs. The plan's top initiatives would include stopping Clean Air Act greenhouse gas regulations for new and existing power plants, including the Clean Power Plan.