WASHINGTON—President Trump on Sunday said he would sign an executive order aimed at lowering the cost of prescription drugs, looking to implement a policy that ties U.S. drug prices to what other countries pay.

U.S. President Donald Trump said on Sunday he would sign an executive order that he said would reduce prescription drug and pharmaceutical prices by between 30% and 80%. In a post on Truth Social, Trump said he would sign the executive order on Monday morning.

President Trump said he'll sign an executive order on Monday morning that would cut prescription drug and pharmaceutical prices "almost immediately, by 30% to 80%." What we're watching: Trump said he "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.

New Mexico Governor Michelle Lujan Grisham issued a stark warning that if Republicans in Congress and the Trump White House cut Medicaid, "People will die. Children will die." She is joined by other Democrats who are raising the alarm about the planned cuts.