The Treasury department has been told to compile a report by June at the latest into any regulations that 'impose undue financial burden on US taxpayers, add "undue complexity to the federal tax laws', or exceed the statutory authority of the Internal Revenue Service (IRS).

The Executive Order then asks the Treasury to follow up on these conclusions by proposing, by September at the latest, measures to mitigate the compliance burden on taxpayers; defer their implementation; or, where appropriate, propose their repeal.

It is understood that Trump is keen to cut the corporation tax rate to 15% which would see the US rate cut from one of the highest global rates to one of the lowest.

According to reports Trump is planning to announce the plan on 26 April, with it set to be the first major legislative win since he became president almost 100 days ago.

Roy Maugham, tax partner at UHY Hacker Young, said: ‘A typical New York-based company will still be noticeably worse off than a London-based business in terms of tax it pays.

‘There is a global competition amongst countries to offer a lower corporation tax rate. This competition is now going to heat up. It is not easy for a cash-strapped economy to do well in that competition but there are enormous advantages for those that can put themselves ahead of the pack.’

Trump’s administration has focused on placing a higher priority on lowering taxes rather than decreasing the US budget deficit.

When Trump first announced his plans to cut corporation tax as part of his election campaign, the Tax Policy Center think tank estimated that is would reduce federal revenue by $2.4 trillion over 10 years.

Global corporation tax rankings (by highest rate)

*US rate includes planned 15% Federal corporation tax rate and New York's state corporation tax rate of 7.1%