President Trump touted his administration's efforts to cut regulations on Thursday, noting his agencies have slashed hundreds of regulations in the first year of his presidency.

"One of the very first actions of my administration was to impose a two-for-one rule on new federal regulations," Trump said during a deregulation event at the White House on Thursday. "We ordered that for every one new regulation, two old regulations must be eliminated."

"Today, I'm proud to announce that we beat our goal by a lot instead of adding costs — as so many others have done and other countries, frankly, are doing in many cases, and it's hurting them," Trump said. "For the first time in decades, we achieved regulatory savings. Hasn't happened in many decades. We blew our target out of the water. Within our first 11 months, we canceled or delayed over 1,500 planned regulations, more than any previous president by far."

Trump credited his deregulatory push with the economic growth that has occurred during the first year of his presidency.

His deregulation event featured stacks of physical copies of the regulations his administration has removed, as well as an actual piece of red tape that Trump cut with scissors at the conclusion of his speech.