Trump signs executive order to slash business regulations

US President Donald Trump signed an executive order on Sunday which cuts regulations for businesses, claiming that the removal of such laws would allow small businesses to flourish and bring back "the American dream".

Signing the order in the presence of several business leaders, Trump argued that companies were curtailed by overzealous regulations during the previous administrations and vowed to help small businesses to grow.

"We're going to create an environment for small business like we haven't had in many, many decades. This isn't a knock on President Obama, this is a knock on many presidents," Trump said ahead of signing the order.

Despite Trump's claims, the executive order shows little relating specifically to small businesses. The order provides for a system in which certain regulations will have to be removed in order to introduce new ones.

"There will be regulation, there will be control, but it will be normalised control," Trump added.

Press secretary Sean Spicer said that the removal of such regulations will be the "first step" towards bringing more jobs to the US.

Several large companies have spoken out against the President's policy of temporarily suspending the entry of immigrants from seven predominantly Muslim states.

Goldman Sachs chief Lloyd Blankfein told employees that the company did not support the ban, and large tech firms in the country such as Facebook, Google and Amazon have also criticised the decision.

Reports suggest that several tech firms will support a legal fight against Trump's decision.