Trump Sits Down With Business Leaders, Vows to Cut Regulations

The president says companies leaving America will face a "substantial border tax" on their products.
5:29 | 01/23/17

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Transcript for Trump Sits Down With Business Leaders, Vows to Cut Regulations
Public regulation that we have right now as he can't do anything you can't. You've got it I have people who come you have more people working on regulations and they have. Doing product. And its out of control it's gotten out of control. I mean very. Big person when it comes as the environment I've received awards on the and our environment but. Some of that stuff makes it impossible to get anything they'll. I think takes. Years and years. You know you can look at some examples I went one recently where. A man's been trying to build a factory for many many years. And his vote was going to be fairly soon and he gave up because he wasn't gonna win the vote. Spent millions and millions of dollars rule re actually ruined his life. And we can't happen so. Facility wants to put up a factories can be expedited. And yet to go through the process but it's gonna be expedited and we take care the environment we're going to take care safety. And all the other things we have to take care but you're gonna get such great service there will be no country that's going to be faster better and warfare. And at the same time. Protecting the people of whether it's safety or. So many of the reasons regulations aren't. We think we can cut regulations by 75%. May be more. Of I 75%. Have. It is certainly better protections. But when you want to expand your plan. Or when mark what's to come and build a big massive plant floor when Dell wants to come and do something. Monsters and special. You can have your rules really fast billions and and the one thing that surprised me that I want to. Hear what you have to say but the one thing that surprised him going or at a meeting where a lot of the people who just live. And meeting with a lot of the small business owners. If I came to them a choice of this massive tax decrease that we giving for business for everybody but for business. Or the cutting down of regulation. If I took a vote I think the regulation wins a 100%. Now in one case it's hard dollars. And he they case is regulation you would think that. The regulations would have no chance this is I'd never say they like virtually everybody is happy it was regulation that you can cut taxes so. The regulations are going to be cut massively. And the taxes are going to be cut with dancing you're gonna have now incentive. Incentive to build the one thing I do have to warn you about. When you have a company here you have a plant here. It's going to be in Indiana Alex in Ohio Florida and Michigan laureates and North Carolina or Pennsylvania. Anyway in this country. When it decides when you decide if you decide closet and you know longer we'll have a real reason because your taxes are going to be well. And by the way if you go to another state. Exit it's great if you can go from Ohio to Indiana from Indiana to Ohio. That's five C you have. Fifteen great wonderful governors to negotiate with the so it's not like we're taking away competition. But if you go to another country and you decide that you get a close and get rid of 2000 people 5000 people. I think United Technologies was an example which carrier and I got involved. You know two years after they announced so we'll fairness. That was tough but. United Technologies was terrific. And they brought back many of those jobs. But if that happens we are going to be opposing a very major border tax form the product when it comes which I think it is fair which is there. So a company that once you fire all of its people are. This next. And build some factors someplace else and then thinks that their product is gonna just flow across the border. Into the United States a second half to get out of Texas that border tax substantial work. Now. Some people would say and that's not free trade but we don't have free trade. Because we're the only one that makes it easy to come into the country if you look at China. You look at many other countries adopted name but many other countries. They can't believe we did so we taken things for him and yet if you wanted to take. Planned to if you wanted to do something you want to sell something into China and other countries it's very very hard. And some cases it's impossible they won't even take you about it. But when did you take you probably can't judge a lot of tax. So. I don't call that preach what we want to spare for. And we're gonna treat countries fairly. But they have to treat us and a negative George taxed our. Country's aids as an example we sell a currency Japan. And they do things to us that make it impossible to sell cars in Japan. And yet they sell cars and thus and they come and like. By the hundreds of thousands on the big ships have ever seen. We have all talk about. It's not fair. Never once I just can't believe it took so long for somebody to come.

This transcript has been automatically generated and may not be 100% accurate.

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