WATCH: President Trump Meets With US Business Leaders - Bringing Jobs Back To America

President Donald Trump is opening what his team has dubbed "Day One" of his presidency by meeting with business leaders in the White House.

Trump said Monday there will "be advantages" to companies that make their products in the United States and suggested he will impose a "substantial border tax" on foreign goods entering the country.

The president also repeated a campaign promise to cut regulations "by 75 percent, maybe more."

Trump hosted the breakfast with about a dozen leaders in the Roosevelt Room.

Among those in attendance were Kevin Plank of Under Armour, Elon Musk of Tesla, Marilyn Hewson of Lockheed Martin and Mario Longhi of US Steel.

Trump suggested he wanted to hold these meetings quarterly.