President Donald Trump (C) leads a meeting with invited business leaders and members of his staff in the Roosevelt Room at the White House January 23, 2017 in Washington, DC. Business leaders included Elon Musk of SpaceX, Wendell Weeks of Corning, Mark Sutton of International Paper, Andrew Liveris of Dow Chemical, Alex Gorsky of Johnston & Johnson and others. Trump meets with CEOs and pledges to cut taxes ‘massively’
At the White House with 10 senior executives, he repeated his campaign pledges to roll back corporate rules, arguing that they have “gotten out of control.” A White House spokesman did not immediately respond to a request to elaborate on which rules Trump will target or how the 75 percent was calculated.
“We’re going to be cutting regulation massively,” but the rules will be “just as protective of the people,” Trump told reporters at the meeting that included Tesla Motors CEO Elon Musk and Under Armour CEO Kevin Plank.
Democrats and interest groups have expressed concern about Trump’s plans to roll back Obama administration environmental protections and pull out of the landmark Paris climate accords, among other regulatory pledges.
In the wide-ranging statement Monday, Trump also reiterated campaign promises to cut taxes for businesses, saying he aims to get the business rate “down to anywhere from 15 to 20 percent” from the current 35 percent. He also said he wants to reward companies that manufacture in the U.S. and impose border taxes on products that American companies make abroad.
As he did on the campaign trail, Trump said his plans to push American manufacturing and renegotiate trade deals do not mean that he wants to abandon free trade. His statements came ahead of an expected executive order to start the process of revising the North American Free Trade Agreement and pulling out of the Trans-Pacific Partnership.
“What we want to do is bring manufacturing back to our country,” Trump said. “That doesn’t mean we don’t trade because we do trade. We want to make our products here.”
After the meeting, Dow Chemical CEO Andrew Liveris said the executives will come back in 30 days with suggested actions to boost American manufacturing.
Trump’s administration has already negotiated a deal with United Technologies for its Carrier unit to keep some jobs in Indiana rather than move them to Mexico, in exchange for $7 million in incentives over several years. Still, the company plans to shut down another Indiana facility and move hundreds of jobs to Mexico.
He has also targeted some companies, particularly automakers, for making parts abroad. Trump has pledged a tax on those products that are sold in the U.S.
Trump also touted his push to “massively” cut taxes for the middle class. Some independent analyses have concluded that Trump’s across-the-board tax cut proposals will balloon the national debt by trillions, but his administration has argued that economic growth will cancel out the effect.