President Donald Trump on Monday signed an executive order requiring that for every new federal regulation, two existing regulations must be removed.

"This will be the largest ever cut by far in terms of regulation," Trump said during a signing ceremony.

Trump signed the order, which he said was "a big one," following a meeting with small business leaders. During the meeting, Trump said the "American dream is back," adding that he wants to end regulatory discrepancy between small and big business.

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