WASHINGTON (TNND) — President Donald Trump will "sign one of the most consequential executive orders in our country’s history" Monday morning to reduce prescription drug prices.

"Prescription Drug and Pharmaceutical prices will be reduced (sic), almost immediately, by 30% to 80%," Trump wrote on Truth Social Sunday night.

“I will be instituting a MOST FAVORED NATION’S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World,” the president continued. "Our Country will finally be treated fairly, and our citizens Healthcare Costs will be reduced by numbers never even thought of before. Additionally, on top of everything else, the United States will save trillions of dollars."

Under the planned order, the federal government would tie what it pays pharmaceutical companies for those drugs to the price paid by a group of other, economically advanced countries — the so-called “most favored nation" approach.

Only drugs on Medicare Part B — the insurance for doctor's office visits — are likely to be covered under the plan. Medicare beneficiaries are responsible for picking up some of the costs to get those medications during doctor's visits, and for traditional Medicare enrollees, there is no annual out-of-pocket cap on what they pay.

A report by the Trump administration during its first term found that the U.S. spends twice as much as some other countries on covering those drugs. Medicare Part B drug spending topped $33 billion in 2021.

More common prescription drugs filled at a pharmacy would probably not be covered by the new order.

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Editor's note: The Associated Press contributed to this article.