OREANDA-NEWS. President Donald Trump in his first address to Congress highlighted his early actions on rolling back energy sector regulations and promised to make corporate tax overhaul a top priority.

But Trump offered no new details on the border tax provision that has vexed the energy sector. And his address suggests that Trump still prefers retaliatory tariffs or other trade action to an across-the-board border tax advocated by the House Republicans.

"My economic team is developing historic tax reform that will reduce the tax rate on our companies so they can compete and thrive anywhere and with anyone," Trump said.

The tax plan put forward by the House Republicans would lower corporate tax rates to 20pc, down from 35pc, making up for the lost tax revenue by imposing a new tax at the border. The border adjustment tax would prevent corporations from taking a tax deduction on imported products and eliminate taxes on exports, a change Republicans say removes an incentive for corporations to relocate overseas.

The White House last week offered strong support for the plan, reversing an earlier preference for a narrow border tax that would penalize companies moving production overseas.

But Trump today again presented a vision of border taxes that involves imposing tariffs to retaliate against barriers he said many US companies face.

"When we ship products out of America, many other countries make us pay very high tariffs and taxes, but when foreign companies ship their products into America, we charge them almost nothing," he said.

"We must create a level playing field for American companies and workers."

The US energy sector is watching the tax debate with keen interest as the House Republicans' plan would impose high costs on US refiners dependent on crude imports. Trump's address leaves a question mark over what direction the corporate tax overhaul will take.

"We can fix our broken tax code so that rates go down and growth goes up," House speaker Paul Ryan (R-Wisconsin) said. "We can fix our regulatory system so that it protects us, instead of punishes us."

Trump "has no plans, zero plans that will make life better for working Americans," House Democratic caucus leader Joe Crawley (D-New York) said.

Trump touted his executive actions designed to roll back regulations on the coal industry and the broader energy sector. "We have cleared the way for the construction of the Keystone and Dakota Access Pipelines - thereby creating tens of thousands of jobs -- and I have issued a new directive that new American pipelines be made with American steel." He said his action on the stream protection rule stopped a "regulation that threatens the future and livelihoods of our great coal miners."