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Washington • President Donald Trump is vowing to cut taxes on his first official business day in office.
The newly-inaugurated president told business leaders Monday that he wants to lower taxes for the middle class and for companies to "anywhere from 15 to 25 percent," down from 35 percent.
He told the business leaders that the deal is contingent upon keeping business operations inside the United States: "All you have to do is stay. Don't leave. Don't fire your people in the United States."
One of the campaign promises Trump listed on his website was to "reform the entire regulatory code to ensure that we keep jobs and wealth in America."
Trump opened what his team has dubbed "Day One" of his presidency by meeting with business leaders in the White House.
Trump said Monday there will "be advantages" to companies that make their products in the United States and suggested he will impose a "substantial border tax" on foreign goods entering the country.
The president also repeated a campaign promise to cut regulations "by 75 percent, maybe more."
Trump hosted the breakfast with about a dozen leaders in the Roosevelt Room.
Among those in attendance were Kevin Plank of Under Armour, Elon Musk of Tesla, Marilyn Hewson of Lockheed Martin and Mario Longhi of US Steel.
Trump suggested he wanted to hold these meetings quarterly.