The executive order would establish regulatory reform officers and task forces within federal agencies a part of his push to slash federal government regulations.
Leaders of 3M, Lockheed-Martin, Dow Chemical, Archer Daniels Midland and International Paper were among those on hand.
The order calls for each federal agency to create a task force to review existing regulations and make recommendations about which should be repealed or modified.
"Excessive regulation is killing jobs", Trump said during the signing ceremony.
Trump said the goal is to "stop punishing companies for doing business in the United States".
US President Donald Trump Friday said his administration was preparing efforts to expand US oil, natural gas and coal production.
Trump said that the order is "one of many ways" the administration will remove "job-killing regulations".
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The International Monetary Fund said past year that the yuan's value was broadly in line with its economic fundamentals. Mnuchin said Thursday that the administration was looking at the House plan "very closely".
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Trump says for years, he has heard complaints from corporate executives about overly burdensome regulations. "These task forces will attempt to roll back common-sense protections for the air we breathe, the water we drink and the lands we cherish".
"Today's action by President Trump will unleash innovation across the nation, and it will allow our economy to grow, help lower energy costs for consumers, and help American workers", Gerard said.
"We're going to put the regulation industry out of work and out of business".
He told a group of business executives earlier this week that he wanted to cut regulations by 75 percent or "maybe more".
While Trump said he supported federal regulations that protect the environment and worker safety, he suggested that roughly 75% of those regulations were "repetitive" and "horrible" for business.
Then in the next breath, the president commented: "And by the way, I want regulation. But we don't need 75% of the repetitive, frightful regulations that hurt companies, hurt jobs".