May 12 (UPI) — U.S. President Donald Trump on Sunday night said he will sign an executive order to reduce drug prices in the United States by between 30% and 80% with the aim of equalizing global prices.

No details of the executive order, which Trump said he’d sign Monday morning, were released, and it was not immediately clear how exactly the order would work.

He made the announcement in a post to his Truth Social platform, calling the executive order “one of the most consequential … in our Country’s history.”

“Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%. They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!”

In the statement, Trump said he would be instituting a “MOST FAVORED NATION’S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price.”

He said the executive order would be signed 9 a.m. EDT Monday at the White House.

Trump had tried during his first term to institute a Most Favored Nation policy via executive order to tie U.S. prescription drug prices for Medicare to the world’s cheapest price tags but was met with successful legal challenges from the pharmaceutical industry.

PhRMA, a pharmaceutical trade group, criticized the original version of the plan from Trump’s first term as “bad policy,” stating it will limit seniors’ access to existing medicine and hamper development of new drugs.

Dr. Houman David Hemmati, a California physician and critic of California’ s Democratic governor, Gavin Newsom, said the policy is “a strong step toward fairness” but does present risks.

On X, he said it could limit patient access to drugs in those countries where the drugs’ prices are cheapest, as drug makers might pull out of those markets. It could also affect development, especially of generic drugs, which could also be pulled from shelves.

“A generic priced very low abroad might disappear if the U.S. demands that price, impacting access to essentials like insulin,” he said, adding that countries reliant on low prices might face drug access issues, and the United States might see delays in new drug launches.

According to a January 2024 report from the Health and Human Services’ Office of the Assistant Secretary for Planning and Evaluation, the prices across all drugs in the United States were at least 2.78 times higher than in comparison countries and at least 3.22 times as high for brand drugs.

In his Sunday night statement, Trump said that with his new policy, “Our Country will finally be treated fairly and our citizens Healthcare Costs will be reduced by numbers never even thought of before.”

He said the United States will save trillions of dollars.

In April, Trump signed an executive order directing the Department of Health and Human Services to standardize Medicare payments to reduce the price of prescription drugs.