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Trump talks to reporters at the White House Friday. Photo: Alex Wong/Getty Images

President Trump told reporters Friday that he plans to issue an executive order creating a "favored nations clause," where the U.S. would pay no more for a drug than the lowest price paid by another country.

Why it matters: There are a lot of details that are unclear, such as how the order would be enforced and how much of a difference it would make. But it's a sign that Trump wants to use his executive authority to move ahead on his campaign promise to lower drug prices — and a bad sign for drug companies.

Transcript of Trump's remarks, per the White House pool report:

"We're going to be announcing something very shortly, a favored nations clause. As you know, for years and years other nations paid less for drugs than we do. Sometimes by 60-70 percent.

"We're working on it right now, we're working on a favored nations clause, where we pay whatever the lowest nation’s price is.

"Why should other nations — like Canada — but why should other nations pay much less than us. They've taken advantage of the system for a long time, pharma. 

"But we're working on right now a favored nations clause, so that whatever the lowest nation is anywhere in the world, or company, but the lowest nation or company, then what happens is, we will pay that amount. And that’s being worked on right now. We're gonna do it in the form of an executive order."

Go deeper

28 mins ago - Podcasts

Google's chief health officer Karen DeSalvo on vaccinating America

Google on Monday became the latest Big Tech company to get involved with COVID-19 vaccinations. Not just by doing things like incorporating vaccination sites into its maps, but by helping to turn some of its offices and parking lots into vaccination sites.

Axios Re:Cap goes deeper into what Google is doing, and why now, with Dr. Karen DeSalvo, Google's chief health officer who previously worked at HHS and as health commissioner for New Orleans.

Biden signs order overturning Trump's transgender military ban

Photo: Tom Brenner/Getty Images

President Biden signed an executive order on Monday overturning the Trump administration's ban on transgender Americans serving in the military.

Why it matters: The ban, which allowed the military to bar openly transgender recruits and discharge people for not living as their sex assigned at birth, affected up to 15,000 service members, according to tallies from the National Center for Transgender Equality and Transgender American Veterans Association.

GOP Sen. Rob Portman will not run for re-election, citing "partisan gridlock"

Photo: Drew Angerer/Getty Images

Sen. Rob Portman (R-Ohio) announced Monday he will not run for a third term in the U.S. Senate in 2022, citing "partisan gridlock."

Why it matters: It's a surprise retirement from a prominent Senate Republican who easily won re-election in 2016 and was expected to do so again in 2022, creating an open Senate seat in a red-leaning swing state.