Trump signs order aimed at removing 'job-killing regulations'

US President Donald Trump has signed an executive order directing his administration to set up a taskforce to remove "job-killing regulations" in an effort to make the country a business-friendly destination.

"This executive order directs each agency to establish a regulatory reform taskforce which will ensure that every agency has a team of dedicated people to research all regulations that are unnecessary burdens and harmful to the economy and therefore harmful to the creation of jobs and business. Each taskforce will make recommendations to repeal and or simplify existing regulations," Trump said yesterday.

Acknowledging that the current regulations make it tough to do business, he assured companies of resolving the issue quickly.

He signed a series of executive orders to make the US a business-friendly destination.

"This executive order is one of many ways we're going to get real results when it comes to removing job-killing regulations and unleashing economic opportunity," he said.

Trump has issued an order which says that for every one new regulation, two old regulations must be eliminated.

"Every regulation should have to pass a simple test. Does it make life better or safer for American workers or consumers? If the answer is no, we will be getting rid of it and getting rid of it quickly," he said.

The US president said his administration will stop punishing companies for doing business in the United States.

"It's going to be absolutely just the opposite. They're gonna be incentivised for doing business in the US," he said.

"We're working very hard to roll back the regulatory burden so that coal miners, factory workers, small business owners and so many others can grow their businesses and thrive.

"We cannot allow government to be an obstacle to government opportunity. We are going to bring back jobs and create more opportunities to prosper maybe more than ever before in our country," Trump said.