US President Donald Trump has signed an executive order that calls on pharmaceutical companies to lower the prices of their prescription drugs in the United States.



The executive order signed on Monday says the secretary of commerce and the US trade representative shall take all necessary and appropriate action.



It also says that within 30 days the secretary shall, in coordination with other relevant officials, communicate most-favored-nation price targets to pharmaceutical manufacturers to bring prices for American patients in line with comparably developed nations.



Speaking to reporters on Monday, Trump said that the United States will "no longer tolerate profiteering and price gouging from big pharma." He said, "It was really the countries that forced Big Pharma to do things.
He also said, "Our country has the highest drug prices anywhere in the world." He noted that there are even cases in which prices are "10 times higher."



Trump said that the European Union and other countries had forced drug makers to provide their products at lower prices. He said, "European Union was the most difficult from what I understand." He added, "We'll add it on to tariffs if they don't do what is right."



Trump stressed that Americans are "going to pay the lowest price there is in the world."



The presidential action comes after Trump said last week that he was planning to do something big. He said, "It's going to be a truly earth-shattering and positive development for this country and for the people of this country."



On Sunday, he wrote on his social media platform, "My next TRUTH will be one of the most important and impactful I have ever issued."