President Donald Trump revealed Tuesday that his administration has struck an agreement with Pfizer to lower the cost of many of its medications for Medicaid patients. In return, Pfizer secured a three-year exemption from upcoming tariffs on foreign-made pharmaceuticals, which are scheduled to take effect Wednesday. The president said Pfizer’s drug prices will be lower starting “immediately,” adding that the cost of some Pfizer drugs could see decreases in price of 50%-100%. (Eliquis was included in the first round of Medicare drug price negotiations under the Biden administration, with the new pricing expected to take effect in 2026.). In May, Trump signed an executive order directing federal agencies to explore tying U.S. drug costs to those paid overseas.