Trump pledges border tax, less red tape and trade renegotiations on first weekday in office

The new U.S. president doubled down on some of his campaign promises on Monday, including punitive tax hikes for U.S. companies that ship jobs overseas and sharp reductions in corporate taxes, red tape and regulations.

Speaking amid a meeting with members of his cabinet and high-profile CEOs, Donald Trump said he wants to slash corporate taxes to between 15 and 25 per cent — down from the current level of 35 per cent — in an attempt to stimulate more investment.

“All you have to do is stay,” he said. “Don’t leave. Don’t fire your people in the United States.”

He also repeated a campaign pledge to cut business regulations across the board “by 75 per cent, maybe more” and said there will “be advantages” to companies that make their products in the United States.

“When you want to expand your plant,” he said, “you’re going to have your approval really fast.”

Trump reiterates protectionist stance

President Trump again threatened to impose a “substantial border tax” on foreign goods entering the country. “A company that wants to fire all of its people in the U.S. and build some factory some place else and thinks that product is going to flow across the border — that’s not going to happen,” he said.

NBC news reported Monday that the new administration could sign executive orders as early as today to formally renegotiate NAFTA and formally pull out of TPP — the Pacific Rim-focused trade deal that was negotiated under Obama but never formally ratified.

Trump’s son-in-law Jared Kushner will meet with Canadian Prime Minister Justin Trudeau and members of his cabinet who are on a retreat in Southern Alberta on Monday.

Article source: http://www.cbc.ca/news/business/donald-trump-trade-nafta-1.3947989?cmp=rss