Evan Vucci/AP

Before a meeting with pharmaceutical company executives today at the White House, President Trump explained how he'll get lower drug prices for Americans, without cutting drug company R&D budgets:

Our trade policy will prioritize that foreign countries pay their fair share for U.S. manufactured drugs so our drug companies have greater financial resources to accelerate the development of new cures.

Trump railed against high drug prices, as expected, and vowed to "increase competition and bidding wars big time" in Medicare, which he accused of "price fixing." At the same time, he said he'll cut regulations "at a level nobody's ever seen before" and promised to oppose anything that would make it harder for smaller drug companies to bring their products to market.

But Trump suggested his drug pricing policies will have a heavy dose of "America first." He said it was "very unfair what other countries are doing to us," and told the drug executives that "you have to get your companies back here."

After the meeting, Kenneth C. Frazier, chairman and CEO of Merck & Co., said the executives had a "great conversation" with Trump about tax policies, regulations and encouraging medical innovation, according to a pool report. And Stephen Ubl of the Pharmaceutical Research and Manufacturers of America tweeted this:

Go deeper

Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.