President Trump will introduce a "most favored nation" plan aimed at cutting Medicare drug prices by linking them to the prices of medication abroad, sources told CBS News.

President Donald Trump is expected to sign an executive order soon to lower the cost of prescription drugs for Medicare beneficiaries. The order would implement a “most favored nation” policy, tying the prices of certain Medicare-covered drugs to those paid by other developed countries.

President Donald Trump announced that his administration would tackle rising drug costs in the United States by establishing “most favored nation” pricing, which would base the U.S. prices of pharmaceuticals on the lowest prices paid by other foreign nations.