Global pharmaceutical shares are slumping Monday after President Donald Trump said he is looking to slash the price of prescription drugs in the U.S. by as much as 80%.

The president's announcement put shares of drug companies under pressure, even as a temporary deal struck between the U.S. and China reducing tariffs lifted global stocks. Shares of Eli Lilly (LLY), Pfizer (PFE), AbbVie (ABBV), Merck (MRK), Novo Nordisk (NVO), and Novartis (NVS) all were down rough𓂃ly 2% to 3% less than an hour before the opening bell.

U.S. drug prices are nearly three times higher than those overseas, according to U.S. government data. Branded drugs are more than three times higher, even with rebates included.

Trump wrote in a post on his Truth Social platform on Sunday evening that he planned to sign an execඣutive order Monday morning to ensure the U.S. pays the same price as the lowest costs paid by any other nation. He said he expects the order will reduce the cost of pharmaceuticals by 30% to 80%.