Trump Calls For '75 Percent' Reduction in Regulations

President Donald Trump told prominent U.S. manufacturers this week that his administration hopes to "cut regulations by 75 percent, maybe more" during a meeting at the White House.

The meeting included more than a dozen companies across a wide variety of industries, including Dow Chemical as well as Ford, U.S. Steel, Lockheed Martin, SpaceX, Johnson & Johnson, Whirlpool, International Paper, Corning, Under Armour, Arconic and Dell. Trump previously tapped Dow CEO Andrew Liveris to lead a manufacturing advisory panel in his administration.

He said Monday that business leaders view regulations as more of a problem that the nation's tax code and pledged that under his administration, companies would receive approvals for new plants or other large projects "really fast."

The White House froze new regulations and indicated that they hope to eventually slash three-quarters of existing rules.

"The problem with the regulation that we have right now is that you can't do anything," Trump said, according to NPR. "It's out of control."

Critics warned that type of overhaul could jeopardize a wide variety of rules implemented to safeguard consumers, workers and the environment. Chemical regulations, in particular, face an uncertain future under Trump and incoming Environmental Protection Agency Administrator Scott Pruitt.

Trump vowed that dramatically cutting regulations would somehow yield a system "just as strong and just as good and just as protective of the people" and declared that he was "a very big person when it comes to the environment."

He also reiterated plans for cutting the corporate tax rate from 35 percent to as little as 15 percent and implementing a "border tax" on companies that shift jobs overseas. Both proposals, however, are not without controversy.

A border tax would require congressional approval, while a tariff could bring legal challenges or trade disputes.

A sweeping reduction in taxes, meanwhile, could add trillions to the nation's debt if Medicare and Social Security costs are not addressed. Trump officials suggested that economic growth would help offset the lost tax revenue.