But Twitter is now in the president's firing line.
Two administration officials outlined the draft order on the condition of anonymity because it was still being finalized Thursday morning.
"This will be a Big Day for Social Media and FAIRNESS!"
"I'm signing an executive order to protect and uphold the free speech rights of the American people", Trump said. But they questioned why Twitter didn't similarly add links to recent tweets by the president that baselessly accused MSNBC host Joe Scarborough of murdering a former staffer who died while at work in one of his congressional offices almost two decades ago.
The long-running dispute between Mr Trump and social media companies flared up again on Tuesday when one of his posts was given a fact-check label by Twitter for the first time. In fact, Twitter has banned political advertising since last November.
In response to Trump's comments, Twitter CEO Jack Dorsey said the firm is not attempting to become an "arbiter of truth".
"I don't think that Facebook or internet platforms, in general, should be arbiters of truth".More news: Premier League Set To Restart On June 17th With Two Games
The president's critics, meanwhile, scolded the platforms for allowing him to put forth false or misleading information that could confuse voters.
Appearing with Attorney General Bill Barr, Trump revealed the kayfabe of the whole exercise: "If you're gonna have a guy like this be your judge and jury, I think you shut [Twitter] down, as far as I'm concerned", he said, referring to Twitter's fact checks. "All for the ability to spread unfiltered lies".
The president said the tech companies have "unchecked power to censor, restrict, edit, shape, hide, alter" a large sphere of human interaction.
It's unclear whether such regulations would pass judicial scrutiny, and legal experts are skeptical given the wide berth given to social media companies to police their own platforms. "Our vibrant public sphere of discussion would devolve into nothing more than preapproved soundbites". Pelosi referenced Facebook CEO Mark Zuckerberg's recent comments in which he criticized Twitter's decision to fact-check Trump's tweets about mail-in voting.
Democratic presidential candidate Joe Biden said in January Section 230 should be "revoked" in the case of Facebook, which was "propagating falsehoods".
Both newspapers also reported that the order, which they said had not yet been finalized, could see tech companies such as Twitter, Facebook and Google held legally responsible for content posted on their platforms.More news: France to reopen cafes, end domestic travel limit
The president and fellow conservatives have been claiming, for years, that Silicon Valley tech companies are biased against them.
The passage is hailed in a 2019 book "The Twenty-Six Words That Created the Internet" by law professor Jeff Kosseff as the basis for the flourishing online economy and services such as Facebook, YouTube, Twitter and Wikipedia, among others. Facebook was accused of bias against conservatives based on the words of an anonymous former contractor who said the company downplayed conservative issues in that feature and promoted liberal causes.
Shares in both Twitter and Facebook fell in Wednesday's trading session in NY.
Twitter has applied a fact check tag to at least two posts by Chinese Foreign Ministry Spokesman Zhao Lijian, both of which advanced questions about whether the Covid-19 virus began in the United States rather than China.
"Or they would screen content to a degree that would kill the free flow of information on social media that we're used to today", he said.
"This speech control is #unconstitutional", McDowell tweeted on Thursday.More news: Lady Gaga and Ariana Grande Deliver Morning Forecast on the Weather Channel