One of Trump’s campaign pledges was to cut 75pc of regulation in a bonfire of red tape to help small businesses. This first step of this was his executive order, which mandated that for every new rule brought in by a government agency, two must be cut. The cost of any additional regulation must be completely offset by by undoing these existing rules.

What will it cover?

It affects all government agencies, such as the Environmental Protection Agency and the Food and Drug Administration. Although when signing the order, Mr Trump said it would not cover bodies related to the Dodd-Frank Wall Street reform law, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.