President Donald Trump on Tuesday announced a landmark agreement with Pfizer to offer significant discounts on a range of prescription medications in the United States.

Speaking from the Oval Office, Trump said the deal will make some of Pfizer’s “most popular” medicines available to all Americans at prices reduced by 50% to 100% through a federal government-operated website and direct online purchases.

The agreement stems from the “most favoured nation” drug pricing model introduced earlier this year. Trump indicated that other pharmaceutical companies are expected to follow suit in the coming weeks. He also warned that firms failing to lower prices could face tariffs equivalent to the cost difference.

Pfizer CEO Albert Bourla described the announcement as a “historic day,” saying the deal reverses an “unfair situation” and puts American patients first. Bourla added that Pfizer plans to invest $70 billion in manufacturing and research within the US over the coming years, aiming to expand development of cancer treatments, obesity medicines, vaccines, and other essential drugs.

“This is a historic moment for patients and for the future of healthcare in America,” Bourla said, highlighting the company’s commitment to boosting domestic production and research.

The Trump administration described the agreement as a major step in lowering drug costs and increasing access to essential medications for Americans nationwide.

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