Washington: US President Donald Trump today warned business leaders that a "substantial border tax" will be imposed on companies that set up manufacturing units abroad as he promised to "massively" cut down regulations and taxes to encourage firms to produce products domestically.
During a meeting with 12 top business leaders of the country at the White House, Trump said a "wave" of manufacturing is now headed back to the US and warned them of consequences if they shift jobs abroad.
"There will be advantages to companies that do indeed make their products here. So we've seen it. It's gonna be wave. You watch, it's gonna be a wave. I've always said, by the time you put them in these massive ships or airplanes and fly them I think it's gonna be cheaper," Trump said at his breakfast meeting with the top CEOs.
He promised that he would cut taxes "massively" and slash regulations by 75 percent or more.
"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're trying to get it down to anywhere from 15 to 20 percent, and it's now 35 percent but it's probably more 38 percent than it is 35, wouldn't you say? That's a big thing," he said.
"A bigger thing, and that surprised me, is the fact that we're gonna be cutting regulation massively. Now, we're gonna have regulation and it'll be just as strong and just as good and just as protective of the people as the regulation we have right now," he added.
Trump said the problem with the regulation is that it puts a lot of hurdles for companies and businesses.
"When somebody wants to put up a factory, it's gonna be expedited," Trump said.
"You have to go through the process, but it's gonna be expedited and we're gonna take care of the environment, we're gonna take care of safety and all of the other things we have to take care of, but you're gonna get such great service," he said.
"There will be no country that's going to be faster, better, more fair and at the same time protecting the people of the country, whether it's safety or so many other...," he said.
Updated Date: Jan 24, 2017 11:21:37 IST