Trump teases major announcement on Truth Social

US President Donald Trump sparked speculation on Saturday with a cryptic message on his social media platform, Truth Social, suggesting a major announcement is imminent.

“My next TRUTH will be one of the most important and impactful I have ever issued. ENJOY!” Trump wrote, without providing further details.

Trump later unveiled plans for a new policy on pharmaceuticals he claimed would reduce US prescription drug prices by between 30 and 80 percent.

"They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA!" Trump wrote in a social media post, adding he planned to sign an executive order bringing the new policy into effect at 9:00 am (13:00 GMT) on Monday.

Trump said he planned to institute a "MOST FAVORED NATION'S" policy that pinned the cost of drugs sold in the United States to the lowest price paid by other countries for the same drug.

The reduction in prescription drug costs in the United States would, he added, be counterbalanced by higher costs in other countries.

"Most favored nation" status is a World Trade Organization rule that aims to prevent discrimination between a country and its trading partners, levelling the playing field for international trade.

This is not the first time that Trump has attempted to lower US drug prices.

During his first 2017-2021 term in office, he announced a similar proposal to cut US drug prices but his plans failed in the face of strong opposition from the pharmaceutical industry.

Last month, the US president signed an executive order aiming to lower crippling drug prices by giving states more leeway to bargain-hunt abroad and improving the process for price negotiations.