Trump promises phenomenal tax cut program

President Donald Trump pledged Thursday he will soon unveil a “phenomenal” tax cut plan. "Lowering the overall tax burden on American business is big league. That's coming along very well. We're way ahead of schedule," Trump said during a White House meeting with airline industry executives on Thursday.

Trump and GOP congressional leaders have come under fire recently from some conservatives for not taking action on popular campaign promises like cutting taxes and repealing Obamacare.

Meeting with a group of corporate CEOs in January, Trump said he wanted to “massively” reduce the current tax rates for the middle class and companies.

Although Trump has not revealed his tax cut plans, he has considered a drastic cut in personal taxes as well as levying a 20% border tax on goods made in Mexico and shipped into the United States.

“There will be advantages to companies that do indeed make their products here,” Trump said.

Investors have been waiting impatiently for details on Trump's campaign pledges to inject the US economy with large-scale fiscal stimulus through additional spending and tax cuts.

The White House and Republicans in the House of Representatives have been in discussions aimed at reaching an agreement on tax reform, including a controversial border adjustment proposal that has come under fire from retailers, oil refiners and automakers.

News of the “phenomenal” tax initiative was well received in the financial world.

Reuters reported the U.S. dollar rose more than 1 percent over the Chinese yen following the announcement, adding that investors were waiting to hear from the president on his tax plan before making investments.