U.S President Donald Trump on Monday promised to cut corporate taxes and regulations.

Trump said this met with a dozen prominent American manufacturers at the White House.

He however threatened sanctions if they moved production outside the country.

Trump had promised to bring manufacturing plants back to the United States during his campaign.

“We think we can cut regulations by 75 per cent, maybe more,” Trump told business leaders in the Roosevelt Room.

“When you want to expand your plant or when Mark wants to come in and build a big, massive plant or when Dell wants to come in and do something monstrous and special – you’re going to have your approvals really fast”, Trump said, referring to Mark Fields, CEO of Ford.

He said companies negotiate with governors to move production between states.

“We are going to be imposing a very major border tax on the product when it comes in”, Trump said.

“A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States – that’s not going to happen”, he said.