As reported by CNBC, Trump said over the weekend he wants to cut back three-quarters of all regulations and “maybe more,” but promised to do so in a way that would still ensure good stewardship of the environment and public health and safety:
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.
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.
“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.”
At the same meeting, Dow Chemicals CEO Andrew Liveris said he and the other executives would return in 30 days with suggestions and recommendations about how to trim the federal bureaucracy to allow more business growth and expansion.
On Monday, Trump also announced he had signed an order mandating a federal hiring freeze, with the exception of national security positions and the military, a move that makes perfect sense given that, with less bureaucracy, there will be a need for fewer federal employees.