Washington, May 12 -- US President Donald Trump has announced he will sign "one of the most consequential executive orders" in the country's history on Monday at 9 am (local time) which aims to lower prescription drug and pharmaceutical prices almost immediately by 30 per cent to 80 per cent in the US and will increase worldwide to equalise and bring "fairness" to the US for the first time in many years.

Trump made the announcement in a post on his social media platform, Truth Social. He said he would implement a "most favoured nation's policy," whereby the US would pay the same price as the nation that pays the lowest price anywhere in the world.

In a post shared on Truth Social, Trump stated, "For many years the World has wondered why...