Earlier, Trump met a group of top business leaders including Elon Musk, the head of SpaceX, and the executives from Dell, Johnson & Johnson and Lockheed Martin. He set out plans to cut regulations for businesses in the US and slash the company tax rate from 35% down to anywhere from 15 to 20%.
We want to bring manufacturing back to our country, the president said. Its one of the reasons Im sitting here instead of somebody else sitting here.
He added: We want to start making our products again. We dont want to bring them in; we want to make them here. That doesnt mean we dont trade because we do trade, but we want to make our products here.
If you look at some of the original great people that ran this country, you will see that they felt very strongly about that.
He said companies that moved factories out of the US and then tried to sell their products back to America would be punished with a very major border tax.
Since winning last Novembers election, Trump has singled out and threatened to impose tariffs on US companies that move production to Mexico. Trump has been accused of hypocrisy because many of his businesss own products are manufactured overseas.
On Monday, he promised: There will be advantages to companies that do indeed make their products here. Its going to be a wave. You watch, its going to be a wave.
Andrew Liveris, the chief executive of Dow Chemical, told the Associated Press that Trump had given them 30 days to come up with a plan to help stimulate the US manufacturing sector.
In his bleak inaugural address on Friday, Trump described rusted-out factories scattered like tombstones across the landscape of our nation and pledged to boost US industries over those abroad. Critics argue that some trends, such as the automation of factories, are irreversible.
As his new administration continued its breakneck speed, Trump was schedule to speak with the Egyptian president, Abdel Fatah al-Sisi, on Monday.
The new president has a meeting with union leaders and workers in the afternoon, followed by a reception with members of Congress and a meeting with the House speaker, Paul Ryan. His controversial press secretary, Sean Spicer, will also hold a media briefing.
A Senate committee is set to vote on Trumps nominee for secretary of state, Rex Tillerson, the former head of ExxonMobil. Marco Rubio, a senator for Florida who had clashed with Tillerson at a committee hearing earlier this month, said on Monday: Despite my reservations, I will support Mr Tillersons nomination in committee and in the full Senate, making it likely the nomination will pass.
The White House is seeking to recover from a rocky opening weekend in which Trump was criticised for using a CIA appearance to boast about his inauguration crowds and attack the media, and Spicer presented false information at his first press briefing.
Ryan issued a statement applauding Trumps first executive actions. President Trump is wasting no time acting on his promises, he said. Already, he has laid the groundwork to protect Americans struggling under Obamacare. He has renewed President Reagans policy to ensure American taxpayers are not forced to subsidize abortions anywhere in the world. He has followed through on his promise to insist on better trade agreements.
And by instituting a hiring freeze, he has taken a critical first step toward reining in Washington bureaucracy. We look forward to working with the president to build on these actions and deliver results for the people.
Ryan was a vocal advocate of the TPP, lending the trade pact support from the highest-ranking Republican in the nation under Obama. But he later accused the administration of negotiating an agreement that lacked sufficient support from members of Congress, while explaining his decision not to bring the TPP up for a vote in the lame-duck session prior to Obamas departure from the White House.
But some Republicans criticised Trumps move to formally withdraw from the TPP. Senator John McCain, chairman of the Senate armed services committee, described it as a serious mistake with long-term consequences. This decision will forfeit the opportunity to promote American exports, reduce trade barriers, open new markets, and protect American invention and innovation, he said.
It will create an opening for China to rewrite the economic rules of the road at the expense of American workers. And it will send a troubling signal of American disengagement in the Asia-Pacific region at a time we can least afford it.
Like Trump, Democratic presidential hopeful Bernie Sanders had attacked TPP on the campaign trail, and on Monday he praised Trumps decision, saying TPP is dead and gone.
Now is the time to develop a new trade policy that helps working families, not just multinational corporations, Sanders said in a statement. If President Trump is serious about a new policy to help American workers then I would be delighted to work with him.
For the past 30 years, we have had a series of trade deals which have cost us millions of decent-paying jobs and caused a race to the bottom which has lowered wages for American workers, he said.
Daniel Ikenson, director of the Herbert A Stiefel Center for Trade Policy Studies, said the US was now becoming more protectionist than at any point since the Hoover administration.
Additional reporting by Sabrina Siddiqui and Dominic Rushe