Trump says US close to 'knocking out' bump stocks

President Trump said Monday his administration is close to finalizing a regulation that would prohibit sales of bump stocks, a device used in the Las Vegas shooting last year.

“We’re knocking out bump stocks,” Trump said during a press conference to discuss a new trade deal with Mexico and Canada. “We’re in the final two or three weeks.”

The president also said the U.S. is in the “final stages of the procedure” after the Justice Department announced earlier this year that it would propose a rule to effectively ban bump stocks. The regulatory move requires a public comment period before officials can determine whether to implement the rule.

Bump stocks, which allow users to quickly fire successive rounds from a semi-automatic rifle, drew scrutiny following the Las Vegas shooting that left 58 people killed and hundreds more wounded.

Cabela’s, Bass Pro Shops and other major retailers removed online listings for bump stocks following the attack. Walmart removed third-party listings on its website, saying the products violated its prohibited items policy and never should have been offered online. Slidefire, the best-known maker of bump stocks, shut down its website and stopped accepting orders.

In a statement at the time, the National Rifle Association said it “believes that devices designed to allow semi-automatic rifles to function like fully-automatic rifles should be subject to additional regulations.”

The ATF approved the sale of bump stocks in 2010. Bump stocks typically sold for around $200 to $300.

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RGR STURM RUGER & CO. INC. 43.28 +0.11 +0.25%

Shares of gun makers were lower Monday. Sturm Ruger fell more than 2 percent in recent trading, while Smith & Wesson owner American Outdoor Brands slipped 4.4 percent.

Late Friday, California Gov. Jerry Brown signed a set of new gun-control laws, including a measure that raises the minimum age for buying rifles and shotguns to 21 from 18. Handgun sales are restricted to buyers over the age of 21 under federal law.