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President Donald Trump on Tuesday announced an agreement with Pfizer to voluntarily sell its medications for less, as his administration pushes to link U.S. drug prices to cheaper ones abroad.

Pfizer has agreed to take measures to reduce U.S. drug prices, including selling its existing drugs to Medicaid patients at the lowest price offered in other developed nations, or what Trump calls the most-favored-nation price, according to the president. Pfizer will also guarantee the same "most-favored-nation" pricing on its new drugs for Medicare, Medicaid and commercial payers.

As part of the deal, Pfizer has also agreed to a three-year grace period during which the company's products won't face pharmaceutical

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