US President Donald Trump hosts a meeting with business leaders in the White House
Mr Trump, 70, held a meeting at 9am (local time) with a range of US companies that included defence manufacturer Lockheed Martin Corp to sportswear apparel producer Under Armour Inc.
He told them he could cut US business regulations by 75 per cent or more.
About 10 senior executives attended the meeting at the White House and were told by Mr Trump he intended to honour his pledge to impose a “major border tax” on companies that wanted to import products to the US if they had moved American manufacturing facilities abroad.
But in a carrot and stick policy he added that those that wanted to set up factories in the US would see quick approvals to build.
Investors have been seeking clarity on how Mr Trump plans to execute his ambitious agenda of tax and regulatory reforms and higher infrastructure spending to boost the economy.
Donald Trump holds his first meeting with US business leaders
Donald Trump is going to be a trader's dream because he will create market swings, choppy trading and erratic behaviour
Andre Bakhos, Managing Director of Janlyn Capital
Andre Bakhos, Managing Director of Janlyn Capital in Bernardsville, New Jersey said: ”From the standpoint of moving the market, Donad Trump is going to be a trader's dream because he will create market swings, choppy trading and erratic behaviour.
“We are sitting near all-time highs but there isn't anything fresh from earnings or President Trump that is going to make investors run out and buy stocks."
US President Donald Trump addresses business leaders
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Mr Trump said that he wanted to hold similar meetings every quarter with business leaders in an attempt to boost the US economy.
He said: "We want to start making our products again. We don't want to bring them in, we want to make them here.”
The Republican president also looks set to sign an executive order on Monday intended to renegotiate the free trade agreement between the US, Canada and Mexico.
Donald Trump's Action Plan
Thu, January 19, 2017
What follows is Donald Trump's action plan to 'Make America Great Again' within the first 100 days of Presidency.
1 of 10
FIRST: Propose a Constitutional Amendment to impose term limits on all members of Congress.
Mexico has indicated that it is ready to renegotiate trade rules with the US but also said that any change in US policy that affected imports would be countered with a “mirror action” by Mexico.
Economy Minister Ildefonso Guajardo said: ”If there is any action that punishes imports to the North American market and encourages U.S. exports, you have to reflect it in a mirror action to counteract the change of incentives that this would make for activity and investment in Mexico."
Donald Trump holds a meeting with US business leaders
However the markets have had a mixed reaction to the initial moves by Mr Trump and his protectionist economic policies of buy and hire American as he attempts to “make America great again”.
Gold, traditionally seen as a safe investment during uncertain times, rose by $0.34 to $39.17 per gram.
The New York’s Dow Jones Industrial Average initially surged when the US markets opened, rising to 19,833 but has slipped back since to 19,746, down 12.71 points on when it opened.
The dollar has also been tumbling, hitting a six-week low today.