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.

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.