President Donald Trump said his administration would be announcing a 'big league' tax cut that would lower the burden on businesses within the next two or three weeks.

The revelation saw the Dow Jones industrial average rise around 115 points to a record, with Goldman Sachs contributing the most gains.

'Lowering the overall tax burden on American business is big league, that's coming along very well," Trump said at the top of a White House meeting with airline industry executives Thursday. 

'We're way ahead of schedule, I believe. And we're going to be announcing something – I would say over the next two or three weeks – that will be phenomenal.'

The president's comment had an immediate effect on the value of the U.S. dollar against other currencies.

The administration had gotten pushback a day earlier from conservative web site proprietor Matt Drudge, an influential media figure who Trump regularly lauded during the campaign.