In his first Monday in the Oval Office President Trump signed an Executive Order gutting the Trans Pacific Partnership one of Obama’s signature pieces. The trade agreement was never passed by Congress. “Great things for the American worker,” the President said as he signed the order claiming it would have greatly damaged US manufacturing.
Trump also met with several US business leaders today and pledged to slash regulations and cut corporate taxes and warned them he would take decisive actions on trade deals like the TPP that he feels are unfair to American workers. Trump also said those US companies who have chosen to outsource American jobs to foreign countries will pay a very high price in terms of a border tax.
Trump expressed he’d like to cut corporate taxes to the 15-20% range down from the present 35% to spur jobs and expansion of US business. Business leaders told him today that reducing regulations is key and Trump promised to ax many of the regulations imposed by the Obama administration on American businesses. “We think we can cut regulations by 75%,” Trump told the gathered business leaders today.
Well something’s got to give because for the past 8 years government regulations have been strangling American businesses so I’d say this is a step in the RIGHT direction!