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.

The executive order directs Trump's administration to take actions against "discriminatory" policies in foreign countries that suppress drug prices.