Trump to company executives: We think we can cut regulations by 75 percent

U.S. President Donald Trump told leaders of companies ranging from defense manufacturer Lockheed Martin Corp to sportswear apparel maker Under Armour Inc on Monday that he believed his administration could cut U.S. regulations governing companies by 75 percent or more.

In a meeting with about 10 senior executives at the White House, Trump also reiterated his pledge to impose a hefty border tax on companies that want to import products to the United States after moving American manufacturing facilities abroad. But, he added, those that want to set up factories in the United States will see quick approvals to build.

(Reporting by Roberta Rampton; Additional reporting by Susan Heavey and Doina Chiacu; Editing by Frances Kerry)