New Delhi, Oct. 1 -- The Trump administration on Tuesday announced a deal giving Pfizer a three-year reprieve from planned tariffs, while the pharmaceutical giant committed to voluntarily lowering prices on unspecified drugs for US consumers.

President Donald Trump announced a landmark agreement with Pfizer to reduce prescription drug costs for Medicaid, promising similar deals with other drugmakers in the coming weeks.

"I can't tell you how big this is," Trump said at the White House during an event with Pfizer CEO Albert Bourla. "We are turning the tide and we are reversing an unfair situation."

The announcement comes just hours ahead of a potential government shutdown, amid partisan standoffs over healthcare and federal spending.

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