India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, finance minister Nirmala Sitharaman said on Sunday, after slashing corporate tax rates to boost a flagging economy.

India cut corporate tax rates on Friday in a surprise move designed to woo manufacturers, revive private investment and lift growth from a six-year low.

Though equity markets welcomed the move, bond yields spiked to a nearly three-month high on speculation the government may have to borrow more to meet its spending needs.

The measures will cut revenue by 1.45 trillion rupees ($20.4 billion) in the current fiscal year, according to government estimates.

But Finance Minister Nirmala Sitharaman said the government would only review the fiscal deficit target closer to the 2020/21 budget.

"At this point of time we are not revising any target. The decision will be taken later," she told reporters at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently.

Sitharaman also said the government would decide on additional market borrowings for the second half of 2019/20 later.

Ratings firm S&amp;P Global said on Friday India`s move to cut corporate tax rates was a "credit negative development" despite potentially boosting the economy as it will widen its fiscal deficit.

Government sources told Reuters this month that India is likely to miss its fiscal deficit target for the current financial year and, toward the end of 2019, be forced to raise it to 3.5 per cent of GDP from 3.3 per cent after economic growth fell to a six-year low of 5 per cent in the April-June quarter. 
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India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, finance minister Nirmala Sitharaman said on Sunday, after slashing corporate tax rates to boost a flagging economy.

India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, finance minister Nirmala Sitharaman said on Sunday, after slashing corporate tax rates to boost a flagging economy. India cut corporate tax rates on Friday in a surprise move designed to woo manufacturers, revive private investment and lift growth from a six-year low. Though equity markets welcomed the move, bond yields spiked to a nearly three-month high on speculation the government may have to borrow more to meet its spending needs. The measures will cut revenue by 1.45 trillion rupees ($20.4 billion) in the current fiscal year, according to government estimates. But Finance Minister Nirmala Sitharaman said the government would only review the fiscal deficit target closer to the 2020/21 budget. "At this point of time we are not revising any target. The decision will be taken later," she told reporters at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently. Sitharaman also said the government would decide on additional market borrowings for the second half of 2019/20 later. Ratings firm S&P Global said on Friday India`s move to cut corporate tax rates was a "credit negative development" despite potentially boosting the economy as it will widen its fiscal deficit. Government sources told Reuters this month that India is likely to miss its fiscal deficit target for the current financial year and, toward the end of 2019, be forced to raise it to 3.5 per cent of GDP from 3.3 per cent after economic growth fell to a six-year low of 5 per cent in the April-June quarter.

No plans to revise fiscal deficit target or cut spending now: Finance Minister

Chief Minister Yogi Adityanath on Sunday backed the Centre's decision to cut corporate tax rates, saying that this will pave the way for India becoming a $5 trillion economy, while Uttar Pradesh will be a $1 trillion economy by 2024.

"The decision to slash corporate tax rates will pave the way for India to become a $5 trillion economy and Uttar Pradesh to be a $1 trillion economy by 2024," Adityanath told media persons.

"The relief that has been given to the corporate sector in terms of tax rebates by the Union Government is a historic decision. Earlier the companies had to pay 30 per cent corporate tax. It has now been reduced to 22 per cent. This means that companies will have more money and greater investment opportunities, leading to employment creation and higher growth," he said.

Adityanath further pointed out that the trade sanctions imposed by the US have led to higher custom tariffs on Chinese goods, which have increased their prices.

"Around 80 per cent American supply chain companies and 67 per cent European companies have been displaced from China," he said.

He said that because of the high labour cost in China, many companies are moving into different countries. Thus, the investment that used to go majorly into China is now going to be directed towards India.

The Uttar Pradesh Chief Minister also lauded the Union Government's move to merge public sector banks (PSBs). He said the Central government has taken important decisions on the merger of banks.

The number of banks in the country was 27 in 2017, which is going to be 12 after the merger decision.

Adityanath said that the cuts announced on tax rates will not have an impact on revenue collection but will give a boost to the gross domestic product (GDP), thus giving greater stimulus to the economy.

"The financial sector in Uttar Pradesh will get a major boost because of this decision of the Central government. There will be no negative impact on the revenue collection in the state," he said.

He also pointed out that Uttar Pradesh will have the opportunity to leverage growth because of tax rate cuts and the prevailing business environment.

"We have made 21 sectoral policies in Uttar Pradesh to boost the economy and make the state a preferred investment destination," said Chief Minister Yogi.

"Uttar Pradesh can reap major benefits from the tax rate cuts and the trade war between the USA and China. We have a good land bank and connectivity. Hence, Uttar Pradesh can make the most of opportunities for growth," he said. 
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Chief Minister Yogi Adityanath on Sunday backed the Centre's decision to cut corporate tax rates, saying that this will pave the way for India becoming a $5 trillion economy, while Uttar Pradesh will be a $1 trillion economy by 2024.

Chief Minister Yogi Adityanath on Sunday backed the Centre's decision to cut corporate tax rates, saying that this will pave the way for India becoming a $5 trillion economy, while Uttar Pradesh will be a $1 trillion economy by 2024. "The decision to slash corporate tax rates will pave the way for India to become a $5 trillion economy and Uttar Pradesh to be a $1 trillion economy by 2024," Adityanath told media persons. "The relief that has been given to the corporate sector in terms of tax rebates by the Union Government is a historic decision. Earlier the companies had to pay 30 per cent corporate tax. It has now been reduced to 22 per cent. This means that companies will have more money and greater investment opportunities, leading to employment creation and higher growth," he said. Adityanath further pointed out that the trade sanctions imposed by the US have led to higher custom tariffs on Chinese goods, which have increased their prices. "Around 80 per cent American supply chain companies and 67 per cent European companies have been displaced from China," he said. He said that because of the high labour cost in China, many companies are moving into different countries. Thus, the investment that used to go majorly into China is now going to be directed towards India. The Uttar Pradesh Chief Minister also lauded the Union Government's move to merge public sector banks (PSBs). He said the Central government has taken important decisions on the merger of banks. The number of banks in the country was 27 in 2017, which is going to be 12 after the merger decision. Adityanath said that the cuts announced on tax rates will not have an impact on revenue collection but will give a boost to the gross domestic product (GDP), thus giving greater stimulus to the economy. "The financial sector in Uttar Pradesh will get a major boost because of this decision of the Central government. There will be no negative impact on the revenue collection in the state," he said. He also pointed out that Uttar Pradesh will have the opportunity to leverage growth because of tax rate cuts and the prevailing business environment. "We have made 21 sectoral policies in Uttar Pradesh to boost the economy and make the state a preferred investment destination," said Chief Minister Yogi. "Uttar Pradesh can reap major benefits from the tax rate cuts and the trade war between the USA and China. We have a good land bank and connectivity. Hence, Uttar Pradesh can make the most of opportunities for growth," he said.

Corporate tax rate cuts will help India become $5 trillion economy: Yogi Adityanath

After announcing a <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">cut on corporate tax rate</a> earlier in the day, Finance Minister Nirmala Sitharaman announced revised&nbsp;<a href="https://www.wionews.com/business-economy/government-announces-gst-rate-cut-on-marine-fuel-wet-grinders-hike-for-railway-wagon-coach-250898">GST tax rates</a> on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others.&nbsp;

Hotels room with tariff worth Rs 7,500 crore would now attract 18 per cent GST as opposed to 28 per cent previously, the finance minister announced. Hotel rooms with tariffs between Rs 1,000 and Rs 7,500 would attract 12 per cent GST while no tax will be imposed on hotel rooms with rental up to Rs 1,000.

GST on caffeinated beverages has gone up from 18 per cent to 28 per cent besides an additional 12 per cent cess.

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Finance Minister Nirmala Sitharaman after meeting of 37th GST Council meeting in Goa: GST rate on slide fasteners has been reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, &amp; 5% to nil on dried tamarind. <a href="https://t.co/RWzrhF8gYE">pic.twitter.com/RWzrhF8gYE</a>
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In a bid to boost the defence sector, specified defence items have been exempt from GST. The council also recommended reducing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent.

Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced.

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The revised GST rates would become effective from October 1, 2019.

The finance minister, earlier in the day, announced cutting the corporate tax rate to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies.

Prime Minister Narendra Modi hailed the move and described it as a "win-win for 130 crore Indians".&nbsp;

The prime minister said that the move will attract private investment from all across the world.&nbsp;

"It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.&nbsp;

After announcing a cut on corporate tax rate earlier in the day, Finance Minister Nirmala Sitharaman announced revised GST tax rates on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others.

After announcing a cut on corporate tax rate earlier in the day, Finance Minister Nirmala Sitharaman announced revised GST tax rates on a range of good and services ranging from precious stones, hotel tariffs, automobiles among others. Hotels room with tariff worth Rs 7,500 crore would now attract 18 per cent GST as opposed to 28 per cent previously, the finance minister announced. Hotel rooms with tariffs between Rs 1,000 and Rs 7,500 would attract 12 per cent GST while no tax will be imposed on hotel rooms with rental up to Rs 1,000. GST on caffeinated beverages has gone up from 18 per cent to 28 per cent besides an additional 12 per cent cess. Finance Minister Nirmala Sitharaman after meeting of 37th GST Council meeting in Goa: GST rate on slide fasteners has been reduced from 18% to 12%, marine fuel 18% to 5%, 12% to 5% on wet grinders consisting of stone as a grinder, & 5% to nil on dried tamarind. pic.twitter.com/RWzrhF8gYE — ANI (@ANI) September 20, 2019 × In a bid to boost the defence sector, specified defence items have been exempt from GST. The council also recommended reducing GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent. Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced. #WATCH Union Finance Minister Nirmala Sitharaman addresses media after the 37th GST Council meet in Goa https://t.co/743mkWfAnm — ANI (@ANI) September 20, 2019 × The revised GST rates would become effective from October 1, 2019. The finance minister, earlier in the day, announced cutting the corporate tax rate to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies. Prime Minister Narendra Modi hailed the move and described it as a "win-win for 130 crore Indians". The prime minister said that the move will attract private investment from all across the world. "It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.

GST rates cut on hotel tariffs, caffeinated drinks attract more tax: Sitharaman

Finance Minister <a href="https://www.wionews.com/india-news/its-a-win-win-for-130-crore-indians-pm-modi-on-corporate-tax-rate-cut-250811">Nirmala Sitharaman on Friday announced</a> the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others.

Addressing a press conference after 37th GST council meeting, she also announced the rate cut on dried tamarind, plates and cups made of bio-friendly stuff, cut and policied semi-precious stones.

GST rate has been reduced from 18 per cent to 12 per cent for on slide fasteners (zip), from 18 per cent to 5 per cent (.5 per cent FO is added) for marine fuel, from 12 per cent to 5 per cent on wet grinders consisting of stone as a grinder, and from 5 per cent to nil on dried tamarind, plates and cups made of leaves, flowers and other bio-friendly items.

A rate cut of 0.25 per cent has been announced on cut and policed semi-precious stones, Sitharaman said.

The applicable rate for specified goods of petroleum operations undertaken under Hydrocarbon Exploration Licencing Policy (HELP) has been brought down to 5 per cent, she announced.

The GST rate has been increased for goods falling under chapter 86 of a tariff like Railway wagons, coaches, rolling stock from 5 per cent to 12 per cent to "address the concerns of ITC accumulation with suppliers of these goods and services".

"This is without refund of accumulated ITC. This is demanded and justified," Sitharaman said.

She also announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously.

"This is being extended upto only 2024," the Finance Minister said.

Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced.

"We have taken several decisions about the simplification of the tax. A call has been taken for greater simplification clarity," she told reporters here.&nbsp; 
&nbsp;

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others.

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items including slide fasteners, marine fuel and wet grinders and increased for railway wagons and coaches among others. Addressing a press conference after 37th GST council meeting, she also announced the rate cut on dried tamarind, plates and cups made of bio-friendly stuff, cut and policied semi-precious stones. GST rate has been reduced from 18 per cent to 12 per cent for on slide fasteners (zip), from 18 per cent to 5 per cent (.5 per cent FO is added) for marine fuel, from 12 per cent to 5 per cent on wet grinders consisting of stone as a grinder, and from 5 per cent to nil on dried tamarind, plates and cups made of leaves, flowers and other bio-friendly items. A rate cut of 0.25 per cent has been announced on cut and policed semi-precious stones, Sitharaman said. The applicable rate for specified goods of petroleum operations undertaken under Hydrocarbon Exploration Licencing Policy (HELP) has been brought down to 5 per cent, she announced. The GST rate has been increased for goods falling under chapter 86 of a tariff like Railway wagons, coaches, rolling stock from 5 per cent to 12 per cent to "address the concerns of ITC accumulation with suppliers of these goods and services". "This is without refund of accumulated ITC. This is demanded and justified," Sitharaman said. She also announced that GST and I-GST will be exempted for imports of specified defence goods not being manufactured indigenously. "This is being extended upto only 2024," the Finance Minister said. Services and goods for FIFA and other specified persons for organising Under-17 Women's World Football Cup in India and supply of goods and services to United Nation's Food and Agriculture Organization (FAO) for specified projects have also been exempted, the Finance Minister announced. "We have taken several decisions about the simplification of the tax. A call has been taken for greater simplification clarity," she told reporters here.

Government announces GST rate cut on marine fuel, wet grinders, hike for railway wagon, coach

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late.

"With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries," said FICCI President Sandip Somany.

"This trigger will lead to a virtuous cycle of investments, growth and higher employment," he said in a statement.

The additional measures announced to stabilise flow of funds to capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive.

"This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors," said Somany.

At the same time, the decision to allow CSR funds to be used for supporting incubators set up by central and state governments as well as supporting universities, autonomous institutions as well as research bodies that are publicly funded clearly indicates that the government wishes to promote public private partnership in scientific research and development and make India move up the innovation ladder, he added.&nbsp;

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late.

The Federation of Indian Chambers of Commerce and Industry (FICCI) said on Friday that lowering of income tax on corporates will unleash the animal spirits of corporate India and reinvigorate manufacturing sector which has been going through a difficult phase of late. "With the kind of corporate tax rate cuts announced today, India now becomes a competitive market in the region with our rates similar to those prevailing in the ASEAN countries," said FICCI President Sandip Somany. "This trigger will lead to a virtuous cycle of investments, growth and higher employment," he said in a statement. The additional measures announced to stabilise flow of funds to capital markets by not applying the enhanced rate of surcharge on capital gains arising from sale of equity shares and units of equity funds is another major positive. "This will make India an even more attractive destination for funds flow and is bound to draw much greater attention from foreign institutional investors," said Somany. At the same time, the decision to allow CSR funds to be used for supporting incubators set up by central and state governments as well as supporting universities, autonomous institutions as well as research bodies that are publicly funded clearly indicates that the government wishes to promote public private partnership in scientific research and development and make India move up the innovation ladder, he added.

Tax reliefs to corporates will act as a booster dose to revive growth: FICCI

Prime Minister Narendra Modi on Friday hailed Finance Minister Nirmala Sitharaman's <a href="https://www.wionews.com/business-economy/sensex-surges-over-2000-points-after-finance-ministers-corporate-tax-cut-announcement-250789">announcement to slash corporate tax rates</a> and called it "historic".&nbsp;

The prime minister said that the move will attract private investment from all across the world.&nbsp;

"It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out.&nbsp;

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The announcements in the last few weeks clearly demonstrate that our government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a $5 Trillion economy.
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1174963369234747392?ref_src=twsrc%5Etfw">September 20, 2019</a></blockquote>
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PM Modi added that the decisions taken in the last few weeks exhibit that the "government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a $5 trillion economy".

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The step to cut corporate tax is historic. It will give a great stimulus to <a href="https://twitter.com/hashtag/MakeInIndia?src=hash&amp;ref_src=twsrc%5Etfw">#MakeInIndia</a>, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians. <a href="https://t.co/4yNwqyzImE">https://t.co/4yNwqyzImE</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1174963190091771904?ref_src=twsrc%5Etfw">September 20, 2019</a></blockquote>
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The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy.

At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points.

The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close.

Finance Minister Nirmala Sitharaman said the effective corporate tax rate would be lowered to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies.

Prime Minister Narendra Modi on Friday hailed Finance Minister Nirmala Sitharaman's announcement to slash corporate tax rates and called it "historic". The prime minister said that the move will attract private investment from all across the world.

Prime Minister Narendra Modi on Friday hailed Finance Minister Nirmala Sitharaman's announcement to slash corporate tax rates and called it "historic". The prime minister said that the move will attract private investment from all across the world. "It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve the competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians," the prime minister tweeted out. The announcements in the last few weeks clearly demonstrate that our government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a $5 Trillion economy. — Narendra Modi (@narendramodi) September 20, 2019 × PM Modi added that the decisions taken in the last few weeks exhibit that the "government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a $5 trillion economy". The step to cut corporate tax is historic. It will give a great stimulus to #MakeInIndia, attract private investment from across the globe, improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians. https://t.co/4yNwqyzImE — Narendra Modi (@narendramodi) September 20, 2019 × The domestic stock markets indices Sensex and Nifty registered their biggest single-day gain in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. At 2:00 pm, the Sensex was at 38,313.65, higher by 2,220.18 points from the previous close of 36,093.47 points. The NSE Nifty50 was trading at 11,379.60, higher by 674.80 points from the previous close. Finance Minister Nirmala Sitharaman said the effective corporate tax rate would be lowered to 25.17 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies.

It's a win-win for 130 crore Indians: PM Modi on corporate tax rate cut

US President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country.

Trump, who took office on Friday, promised to bring manufacturing plants back to the United States - an issue he said helped him win the November 8 election - and has not hesitated to call out by name companies that he thinks should bring outsourced production back home.

He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters.

Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership.

The new president told the CEOs that he would like to cut corporate taxes to the 15 per cent to 20 per cent range, down from current statutory levels of 35 per cent - a pledge that will require cooperation from the Republican-led US Congress. But he said business leaders have told him that reducing regulations is even more important.

&quot;We think we can cut regulations by 75 per cent. Maybe more,&quot; Trump told business leaders.

&quot;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 &ndash; you&#39;re going to have your approvals really fast,&rdquo; Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom-style table in the Roosevelt Room.

The meeting ran longer than expected. Trump left briefly to attend to a phone call, and then reconvened the CEOs in the Oval Office, Liveris said.

Fields said he was encouraged by the tone.

&quot;I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies - tax, regulatory or trade - to drive that,&quot; he said.

Trump told the executives that companies were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price.

&quot;We are going to be imposing a very major border tax on the product when it comes in,&quot; Trump said.

&quot;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&rsquo;s not going to happen,&quot; he said.

Liveris said the CEOs discussed the border tax &quot;quite a bit&quot; with Trump, explaining &quot;the sorts of industry that might be helped or hurt by that.&quot;

&quot;Look: I would take the president at his word here. He&#39;s not going to do anything to harm competitiveness. He&#39;s going to actually make us all more competitive,&quot; Liveris said.

Trump was scheduled to hold a meeting later on Monday with labor leaders and US&nbsp;workers, the White House said.

Between winning the presidential election in November and taking office, Trump hosted a number of US&nbsp;CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO.

Trump, a real estate developer who had never previously held elected office, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about &quot;rusted-out factories scattered like tombstones across the landscape of our nation&quot; and vowing to boost US industries over foreign ones.

(Reuters)

Trump told CEOs that he would like to cut corporate taxes by between 15-20% and regulations by 75%, or 'maybe more'

US President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country. Trump, who took office on Friday, promised to bring manufacturing plants back to the United States - an issue he said helped him win the November 8 election - and has not hesitated to call out by name companies that he thinks should bring outsourced production back home. He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters. Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership. The new president told the CEOs that he would like to cut corporate taxes to the 15 per cent to 20 per cent range, down from current statutory levels of 35 per cent - a pledge that will require cooperation from the Republican-led US Congress. But he said business leaders have told him that reducing regulations is even more important. "We think we can cut regulations by 75 per cent. Maybe more," Trump told business leaders. "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, who sat around the boardroom-style table in the Roosevelt Room. The meeting ran longer than expected. Trump left briefly to attend to a phone call, and then reconvened the CEOs in the Oval Office, Liveris said. Fields said he was encouraged by the tone. "I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies - tax, regulatory or trade - to drive that," he said. Trump told the executives that companies were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price. "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. Liveris said the CEOs discussed the border tax "quite a bit" with Trump, explaining "the sorts of industry that might be helped or hurt by that." "Look: I would take the president at his word here. He's not going to do anything to harm competitiveness. He's going to actually make us all more competitive," Liveris said. Trump was scheduled to hold a meeting later on Monday with labor leaders and US workers, the White House said. Between winning the presidential election in November and taking office, Trump hosted a number of US CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO. Trump, a real estate developer who had never previously held elected office, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about "rusted-out factories scattered like tombstones across the landscape of our nation" and vowing to boost US industries over foreign ones. (Reuters)

Trump ready to cut corporate tax, slash regulations