International pharmaceutical shares are slumping Monday after President Donald Trump mentioned he’s trying to slash the worth of prescribed drugs within the U.S. by as a lot as 80%.

The president’s announcement put shares of drug corporations underneath strain, whilst a brief deal struck between the U.S. and China decreasing tariffs lifted world shares. Shares of Eli Lilly (LLY), Pfizer (PFE), AbbVie (ABBV), Merck (MRK), Novo Nordisk (NVO), and Novartis (NVS) all had been down roughly 2% to three% lower than an hour earlier than the opening bell.

U.S. drug costs are practically thrice greater than these abroad, in keeping with U.S. authorities information. Branded medication are greater than thrice greater, even with rebates included.

Trump wrote in a submit on his Reality Social platform on Sunday night that he deliberate to signal an government order Monday morning to make sure the U.S. pays the identical value because the lowest prices paid by every other nation. He mentioned he expects the order will scale back the price of prescription drugs by 30% to 80%.