US President Donald Trump signs an executive memorandum on defeating the Islamic State in Iraq and Syria after signing it in the Oval Office of the White House on January 28, 2017, in Washington, DC. (AFP PHOTO/MANDEL NGAN)

WASHINGTON, Jan. 30 (Xinhua) -- U.S. President Donald Trump on Monday signed an executive order under which the federal government will need to remove two regulations for every new one put forward.

Under the order, the U.S. federal agencies will propose rules they want to drop and the White House will review them. Rules on emergencies and national security are made exceptions.

The order, aimed to fulfill one of his campaign promises, will benefit both U.S. small and large businesses, said Trump on Monday, reiterating his another campaign pledge that he will try and cut 75 percent of regulations.

"Regulation has been horrible for big business, but it's been worse for small business," he told a group of small business owners in White House.

"We're going to be doing a big number on Dodd-Frank," he added, calling the Dodd-Frank Wall Street reform law a "disaster."

Canada, Australia and Britain all have similar policies requiring existing rules be repealed before a new one is issued, said a TheHill news daily report.

Monday's directive follows a packed week of new executive orders from Trump and came amid nationwide protests against his last Friday order temporarily barring entry into the United States for people from seven Middle East and North African countries and refugees from all over the world.