Donald Trump tells US business leaders he will cut back Obama-era regulations by 75%, 'maybe more'

Trump delivers opening remarks during meeting with business leaders (Chip Somodevilla/Getty)

President Donald Trump told business leaders that he believes he could carry out major regulation cuts and impose border taxes on businesses that outsource jobs.

Not straying far from his campaign rhetoric, Mr Trump said that corporate regulations were "out of control" and said he intended to roll back rules 75 per cent, "maybe more".

He didn't not give a concrete explanation of how exactly he would carry out such monumental deregulation.

"We're going to be cutting regulation massively," he told reporters at the meeting. Mr Trump promised that the deregulation would still be "just as protective of the people".

The President echoed his campaign trail promise to tax companies that manufacture outside of the US.

"If you go to another country and you decide that you're going to close and get rid of 2,000 people or 5,000 people ... we are going to be imposing a very major border tax on the product when it comes in," he said in the meeting, that included Tesla CEO Elon Musk and Under Armour CEO Kevin Plank.

He did not explain how his actions would protect US workers, however. Still, he claimed that he would bring the business tax rate "down to anywhere from 15 to 20 per cent". Business rates are currently 35 per cent – 39 with state taxes.