President Donald Trump announced that his administration would tackle rising drug costs in the United States by establishing “most favored nation” pricing which would base the U.S. prices of pharmaceuticals on the lowest prices paid by other foreign nations.

President Donald Trump signed a sweeping executive order Monday morning that promises to crack down on “unreasonable or discriminatory” practices by foreign countries that result in Americans paying far higher costs for prescription drugs.

US President Donald Trump has signed an executive order that aims to reduce high prescription drug prices – but its details and long-term effects are far from clear. Citing figures that patients in other countries pay much less than Americans for pharmaceuticals, Trump said he would order drug companies to reduce their prices inside the US.