President Donald Trump has promised to "massively" reduce federal regulations and taxes for American manufacturing companies — so long as they keep their business in the U.S.
"We want to start making our products again. We don't want to bring them in. We want to make them here," Trump said.
During a meeting with several top business leaders, Trump renewed one of his biggest campaign promises: to bring the top corporate tax rate down from 35 percent to 15 or 20 percent.
He also said his administration will cut existing regulations on businesses by at least 75 percent.
But according to Trump, businesses that choose to move jobs outside the U.S. will pay a price.
"A company that wants to fire all of its people in the United States and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States — that's not going to happen. They're going to have a tax to pay, a border tax, a substantial border tax," Trump said.
That wasn't the only campaign promise Trump moved forward with during his first full weekday as president.
Hours later, he signed a presidential action formally withdrawing the U.S. from the Trans-Pacific Partnership trade deal, which covers 40 percent of the world's economy.
