US President Donald Trump on Monday 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 per cent 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 per cent, and it’s now 35 per cent but it’s probably more 38 per cent than it is 35, wouldn’t you sayIJ That’s a big thing,” he said.