U.S. President Donald Trump's administration plans to announce an executive order to ease rules on military equipment exports, Reuters reported Tuesday, citing sources familiar with the issue.

The executive order could boost sales for major U.S. defense contractors like Boeing and Lockheed Martin, the report said.

The order is expected to be akin to legislation proposed last year by Michael Waltz, Trump's national security adviser, during his time as a Republican member of the House of Representatives, said the report.

Waltz's bill sought to amend the U.S. Arms Export Control Act to raise the minimum dollar amounts that trigger a congressional review of arms exports to other countries.