President Donald Trump said his administration would be announcing a 'big league' tax cut that would lower the burden on businesses within the next two or three weeks.

The revelation saw the Dow Jones industrial average rise around 115 points to a record, with Goldman Sachs contributing the most gains.

'Lowering the overall tax burden on American business is big league, that’s coming along very well," Trump said at the top of a White House meeting with airline industry executives Thursday.

'We’re way ahead of schedule, I believe. And we’re going to be announcing something – I would say over the next two or three weeks – that will be phenomenal.'

The president's comment had an immediate effect on the value of the U.S. dollar against other currencies.

The administration had gotten pushback a day earlier from conservative web site proprietor Matt Drudge, an influential media figure who Trump regularly lauded during the campaign.

DELTA CAN I HELP YA? President Donald Trump takes his seat along with United Airlines CEO Oscar Munoz (L) and Delta Airlines CEO Edward Bastian (R). Trump promised at the meeting a tax cut would help business 'big league'

President Donald Trump speaks during a meeting with airline industry executives, including Oscar Munoz (L), President and CEO of United Airlines, Deborah Flint (2nd L), CEO of Los Angeles World Airports (LAWA), and Myron Gray (2nd R), President of US Operations at UPS, in the State Dining Room of the White House

'Republican party should be sued for fraud. NO discussion of tax cuts now. Just lots of crazy. Back to basics, guys!' Drudge tweeted, on a day filled with fallout from the Senate effort to silence liberal Massachusetts Senator Elizabeth Warren.

Tax reform has also been a top priority for House Speaker Paul Ryan and others in the GOP congressional majority, which has been anxious to slash taxes and regulations now that it finally has an ally in the White House.

Trump has pledged to cut the top corporate tax rate from 35 per cent to 15 per cent, but he offered no details on what his proposal might be.

The value of the dollar against the Japanese yen jumped by 1 percentage point after the president's comments, Reuters reported. Airline stocks also spiked after the meeting.

All three major market indexes jumped on news of the tax cut timetable.

JUST A TASTE: 'We never even kept a small, even a tiny oil well. Not one little oil well,' Trump complained about the Iraq war

WHAT WOULD ABE DO? Trump said a tax plan announcement would be coming in two or three weeks

Drudge Report proprietor Matt Drudge tweeted Wednesday that the GOP should be 'sued for fraud' for having 'no discussion' of tax cuts

Any tax plan would presumably go through the House Ways and Means Committee or the Senate Finance Committee before moving forward. Lawmakers have been talking about tax reform for years, and Republicans have said a vote may not occur until midyear.

It was unclear whether the White House planned to release detailed legislation or principles for what might go in a plan.

Trump also returned to old themes, such as the nation's failure to 'take the oil' after the invasion of Iraq, something that would violate international law as well as modern norms on war spoils.

'We’ve spent $6 trillion ... in the Middle East,” Trump said. 'We’ve got nothing. We’ve got nothing. We never even kept a small, even a tiny oil well. Not one little oil well. I said, "Keep the oil,"' Trump said, in reference to his campaign statements.

Trump also hammered the U.S. air infrastructure.

'We have an obsolete plane system, we have obsolete airports, we have obsolete trains, we have bad roads,” Trump said. “We're gonna change all of that, folks. You're gonna be so happy with Trump. I think you already are,' he told his audience.

Some of the execs apparently were new to the president. 'I know so many of you through reading and through business magazines and you've done an amazing job. I want to congratulate you and I know you're under pressure from a lot of foreign element and foreign carriers,' Trump said.

After the meeting, Nick Calio, a top airline industry lobbyist who used to hold a top White House legislative affairs post in the Bush administration, said Trump was 'extraordinarily positive' when execs urged him to support privatizing air traffic control,' the Associated Press reported.

Calio is president and CEO of Airlines for America.

He told AP he expects Trump would back legislation to put air traffic control operations under the control of a private, nonprofit corporation.

'I think he's on track to do that,' Calio said.