U.S. President Donald Trump said on Sunday he would sign an executive order that he said would reduce prescription drug and pharmaceutical prices by between 30% and 80%.

President Trump will sign an executive order that institutes a "most favored nation" policy for prescription drug pricing in a push to lower prices.

The president is planning Monday to revive a plan from his first term, which would peg the prices the United States pays for drugs to the amounts paid in other countries, which tend to be lower.