President Donald Trump was surrounded by business leaders in the Oval Office while signing the executive action Monday.

President Donald Trump was surrounded by business leaders in the Oval Office while signing the executive action Monday.

WASHINGTON – President Donald Trump signed an order Monday aimed at cutting regulations on businesses, saying that agencies should eliminate two regulations for every new one.

The White House later released the text of the order, which added that the cost of any new regulation should be offset by eliminating regulations with the same costs to businesses. It excluded regulations regarding the military.

The impact of the order was difficult to judge based on the president’s remarks. It could be difficult to implement under current law, and would concentrate greater power in the Office of Management and Budget, which already reviews federal regulations.

Trump signed the document — which he called ‘‘a big one’’ — at his desk in the Oval Office surrounded by nine small business owners, who earlier this morning met in the Roosevelt Room.

‘‘This will be the largest ever cut by far in terms of regulations,’’ Trump said. ‘‘If you have a regulation you want number one we’re not going to approve it because…