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Trump juggles offer to slash taxes with border tax threat Trump executive order pulls out of TPP trade deal
(35 minutes later)
President Donald Trump has pledged to "massively" cut taxes and regulations, but impose a "very major border tax" on firms that move factories overseas. President Donald Trump has signed an executive order to withdraw from the Trans-Pacific Partnership trade deal (TPP).
"All you have to do is stay," he told business leaders on the first weekday of his White House as he warned of an import penalty. The trade pact, which was a linchpin of former President Barack Obama's pivot to Asia, was signed by 12 nations and covered 40% of the world's economy.
The president is also expected to sign a flurry of executive orders and meet congressional leaders on Monday. The directive was part of a series of executive orders planned for Monday to begin reshaping US trade policies.
His remarks follow a weekend of anti-Trump protests and a row with media. Mr Trump had vowed to quit the TPP during his presidential campaign.
Is there order amid chaos? Anthony Zurcher, BBC News He has criticised the trade agreement as a "potential disaster for our country", arguing it harmed the US manufacturing sector.
The start of the Trump administration has looked less like a well-planned parade and more like the running of the bulls in Pamplona. But is there order amidst this chaos? The massive trade deal was negotiated in 2015 by nations including the US, Japan, Malaysia, Australia, New Zealand, Canada and Mexico, but has not yet been ratified by the individual countries.
The president and his press secretary spent the weekend blasting the press and its coverage of the inauguration - and that rolling feud unsurprisingly dominated headlines. Its aim was to strengthen economic ties and boost growth, including by reducing tariffs.
Behind the scenes, however, Republicans in the executive branch and Congress are getting down to the business of advancing their political agenda. The president plans to sign executive actions on trade policy later on Monday. Congressional committees will soon begin hammering out tax and healthcare legislation. It also included measures to enforce labour and environmental standards, copyrights, patents and other legal protections.
The bumpy start to Mr Trump's presidency has some questioning whether the president is squandering his power, which traditionally is at its height in the first few months of a presidential term. Power, however, is what you make of it - and the real test of Mr Trump's strength won't be in the tut-tutting of newspaper editorial pages over tweets and ad-libbed speeches, it will be policies enacted and legislation signed. Earlier on Monday, Mr Trump pledged to "massively" cut regulations and taxes on companies that keep jobs in the US.
While it's easy to dismiss Mr Trump's moves as missteps, if conservatives continue to charge through the chaos, they may learn to love their new president's unconventional style. This followed a meeting with executives from companies including defence manufacturer Lockheed Martin, apparel maker Under Armour, appliance manufacturer Whirlpool, electric-carmaker Tesla and pharmaceutical giant Johnson & Johnson.
Trump's carrot and stick After meeting business leaders, Mr Trump also warned them he would impose a "very major border tax" on companies that move manufacturing out of the US.
"We're going to be cutting regulation massively", but the rules will be "just as protective of the people", he told reporters after Monday morning's meeting in the White House's Roosevelt Room. "We're going to be cutting regulation massively", but the rules will be "just as protective of the people", he told reporters after the morning meeting in the White House's Roosevelt Room.
He pledged to lower corporate taxes to 15% or 20% from the current 35% and lift regulations by up to 75%.He pledged to lower corporate taxes to 15% or 20% from the current 35% and lift regulations by up to 75%.
But Mr Trump - who will meet labour leaders in the afternoon - also vowed to slap taxes on foreign-manufactured products. Since winning the White House, Mr Trump has upbraided US companies that have moved factories overseas.
The new president made his remarks to executives from 12 companies including Dow Chemical, Lockheed Martin, Under Armour, Whirlpool, Tesla and Johnson & Johnson. Vowing to slap taxes on foreign-manufactured products, he told executives on Monday: "All you have to do is stay."
Since winning the White House, he has upbraided US companies that have moved factories overseas. According to his schedule, the president will meet labour leaders in the afternoon.
Mr Trump told Fox News last week that "Monday is really the day that we start signing and working and making great deals for the country". The president is also expected to an sign executive order to renegotiate the North American Free Trade Agreement (Nafta), a trade pact between the US, Canada and Mexico.
Executive orders Mr Trump has blamed Nafta for depriving American workers of their jobs.
It is not clear what executive orders he might sign, but on Sunday his administration said it was pondering topics ranging from immigration to Israel and the economy, including a possible overhaul of the North American Free Trade Agreement.
Mr Trump has blamed the trade pact with Mexico and Canada for depriving American workers of their jobs.
US media reports Mr Trump will sign an executive action to withdraw from the 12-nation Trans-Pacific Partnership trade deal, which was the linchpin of Mr Obama's Asia policy.
The US Senate will meanwhile vote on the nomination of Mike Pompeo to be CIA director.The US Senate will meanwhile vote on the nomination of Mike Pompeo to be CIA director.
Rex Tillerson's nomination as Secretary of State was effectively guaranteed on Monday as Senator Marco Rubio dropped his objections. Rex Tillerson's nomination as Secretary of State was effectively assured on Monday as Senator Marco Rubio dropped his objections.
On Sunday, Mr Trump spoke by telephone with Israel Prime Minister Benjamin Netanyahu from the White House situation room.On Sunday, Mr Trump spoke by telephone with Israel Prime Minister Benjamin Netanyahu from the White House situation room.
Mr Trump said his conversation with Mr Netanyahu - who had a tense relationship with Mr Obama - was "very nice".Mr Trump said his conversation with Mr Netanyahu - who had a tense relationship with Mr Obama - was "very nice".
A White House summary of the call did not mention Mr Trump's plan to move the US embassy in Israel from Tel Aviv to Jerusalem, which would overturn two decades of US policy.A White House summary of the call did not mention Mr Trump's plan to move the US embassy in Israel from Tel Aviv to Jerusalem, which would overturn two decades of US policy.
The Jerusalem Embassy Act of 1995 requires the US president to transfer the embassy to Jerusalem unless he certifies every six months that it is not in the national interest.The Jerusalem Embassy Act of 1995 requires the US president to transfer the embassy to Jerusalem unless he certifies every six months that it is not in the national interest.
Every president since Bill Clinton has upheld the measure, and President Obama most recently did so on 1 December.Every president since Bill Clinton has upheld the measure, and President Obama most recently did so on 1 December.
Mr Trump has until May to make a formal decision.Mr Trump has until May to make a formal decision.
White House press secretary Sean Spicer said the administration was "at the very beginning stages of even discussing this subject".White House press secretary Sean Spicer said the administration was "at the very beginning stages of even discussing this subject".
On Saturday, Mr Trump launched a stinging attack on media reporting of attendance figures and the weather at his inauguration.On Saturday, Mr Trump launched a stinging attack on media reporting of attendance figures and the weather at his inauguration.
During a heated exchange on NBC on Sunday, his senior adviser Kellyanne Conway said the White House had "alternative facts", a phrase that quickly went viral.During a heated exchange on NBC on Sunday, his senior adviser Kellyanne Conway said the White House had "alternative facts", a phrase that quickly went viral.