The executive action requires government agencies requesting a new regulation to identify two that they will cut. Trump had pledged during the election campaign to reduce the regulatory burden on small companies.
Last week, Trump signed orders that allow work to proceed on the Keystone XL and Dakota Access pipelines, two projects that stalled during the Obama administration. Many small business owners have advocated that the pipelines be built because they would offer chances for small companies involved in construction and in energy industry support.
Trump also signed an order withdrawing the U.S. from the Trans-Pacific Partnership. Some small business advocates had supported the free trade agreement because it would have relaxed restrictions on U.S. companies that want to export to countries that border the Pacific Ocean.