Trump is expected to further outline his plans for tax reform this week, having made the policy a key element of his presidency.

Chief among the reform plans is a shift to a territorial tax system. Currently, the US is one of the few countries in the world that taxes businesses on worldwide earnings once they are brought back into the country.

Another is a proposal to cut corporate taxes, which, at 35%, is among the highest in the developed world. In practice, many major companies do not repatriate their profits in order to keep them intact.

‘If we fixed that system, we could get more money and pose less of a distortion for those companies... maybe tax them at a moderate rate and actually collect the money,’ Jason Furman, former chairman of the Council of Economic Advisers to President Obama told BBC Radio 4’s Today programme.

He added one of the issues Trump faces is a lack of clear winners from policy change.

‘Reform has winners and losers, and often the losers feel the pain in a very specific concentred way, the winners are more diffuse and that makes it easier for the losers to organise,’ he said.

He added a major stumbling block could be a lack of political support for the proposals.

‘There is a very, very small margin for error,’ said Furman, who is now an economics professor at Harvard. ‘If you lose just three Republicans in the Senate, or a little bit over 20 Republicans in the House [of Representatives], you can't pass your tax reform if you don't have Democratic votes.’