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.

U.S. President Donald Trump signed an executive order on Monday to reduce drug prices in the United States by between 30% and 80% with the aim of equalizing global prices.

The president rolled out a plan that was less aggressive than his first-term effort in 2020, surprising analysts who were bracing for something tougher.