Highlights – Donald Trump in first full week as U.S. president

President Donald Trump addresses business and trade issues on Monday. Highlights of the day follow:

BUSINESS

Trump meets with a dozen prominent American manufacturers at the White House, promising to cut regulations and corporate taxes but warning them of penalties if they move production outside the country.

TRADE

Trump could sign an executive order on Monday intended to renegotiate the free trade agreement between the United States, Canada and Mexico, NBC News reported.

Canadian Prime Minister Justin Trudeau begins a retreat with his Cabinet focusing mainly on the best approach to take with Trump, whose vow to renegotiate NAFTA could damage the nation’s economy.

Japanese Prime Minister Shinzo Abe, saying Trump understands the value of free trade, vows to keep pitching a multinational pact that Trump’s administration has vowed to exit.

British Prime Minister Theresa May will champion free trade and also voice her support for the Iran nuclear deal when she meets Trump later this week, her spokeswoman said.

Mexico is ready to renegotiate trade rules with the United States but any change in U.S. policy that affected imports would be countered with a “mirror action” in Mexico.

FOREIGN LEADERS

The Kremlin expects to agree soon on a date for the first phone call between President Vladimir Putin and Trump, but there is no word on when they will meet.

Gulf Arab states are quietly applauding the arrival in the White House of a hawkish leader opposed to their adversary Iran, even if they suspect Trump might at times heighten tensions in the Middle East.

LAWSUIT

A group files suit against Trump, accusing him of violating the “emoluments” clause of the U.S. Constitution by allowing his hotels and other businesses to accept payments from foreign governments.

MARKET IMPACT

For financial markets, the Trump era begins on Monday. If history is any guide, the following month should be a rocky one for Wall Street but positive for the dollar.

AFGHANISTAN

The Taliban calls on Trump to withdraw U.S. forces from the “quagmire” of Afghanistan, saying nothing has been achieved in 15 years of war except bloodshed and destruction.

(Compiled by Bill Trott; Editing by Lisa Von Ahn and Meredith Mazzilli)