President Donald Trump announced on Sunday that he intends to sign an executive order on Monday to limit prescription drug and pharmaceutical prices to match the lowest costs available in any other country.

The United States has been known to pay higher prices for the same medications compared to other developed countries. With Trump’s “most favored nation” strategy, he aims to make sure that “the United States pays the same price as the nation offering the lowest price globally.”

Trump added, “Our country will finally receive fair treatment, and our citizens’ healthcare expenses will decrease by unprecedented amounts. Furthermore, in addition to everything else, this will result in trillions of dollars in savings for the United States,” he mentioned in a post on Truth Social on Sunday.

Trump said he will sign the executive order at the White House at 9 a.m. EDT on Monday. He called the executive order “one of the most consequential Executive Orders 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!” Trump added in the social media post.

The pharmaceutical industry ripped Trump’s announcement, pointing the finger for high drug prices at pharmacy benefit managers and health insurance companies.

“This Foreign First Pricing scheme is a bad deal for American patients. Importing foreign prices will cut billions of dollars from Medicare with no guarantee that it helps patients or improves their access to medicines. It jeopardizes the hundreds of billions our member companies are planning to invest in America, making us more reliant on China for innovative medicines,” said PhRMA president and CEO Stephen J Ubl.

Politico reported last week that the president planned to sign an executive order directing aides to pursue the “most favored nation” initiative for a “selection of drugs within the Medicare program.”

At the time, Politico reported that details were subject to change and that the president had not yet personally approved the plan.