Ford chief Mark Fields described the meeting as "very, very positive."

President Donald Trump has convened with a group of top executives, including automotive industry CEOs from Ford and Tesla, to kick off regular meetings aimed at creating a more pro-business regulatory environment.

The revised WhiteHouse.gov website claims federal regulations cost the American economy more than $2 trillion in 2015 alone.

"That is why the President has proposed a moratorium on new federal regulations and is ordering the heads of federal agencies and departments to identify job-killing regulations that should be repealed," it says.

Trump elaborated in his talks with the executives, promising to eliminate around 75 percent of federal regulations without any increasing risk to the environment or worker safety. He also aims to cut the top corporate tax rate in half, down to as low as 15 percent from its current rate of 35 percent.

The meeting reportedly carried forward Trump's carrot-and-stick approach, promising concessions to help increase profits but threatening punishment for businesses that move jobs away from US factories.

"A company that wants to fire all of its people in the United Sates and build some factory someplace else, and then thinks that that product is just going to flow across the border into the United States, that's not going to happen," he said, as quoted by NPR. "What we want to do is bring manufacturing back to our country."

Ford CEO Mark Fields appears to have gained even more enthusiasm for the plan after attending the latest gathering.

"Walking out of the meeting today, I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies, tax, regulatory or trade to drive that," he said, according to quotes published by The Detroit News.

Trump's threats of 35-percent tariffs on made-in-Mexico products are widely believed to have inspired Ford's decision to cancel a factory expansion plan south of the US border. GM has also announced a shift away from Mexico-sourced axle components and promised to create more than 7,000 new US jobs in the coming years.