00:00President Donald Trump announced a major agreement with Pfizer to lower U.S. drug prices by tying them to the lowest prices offered in other developed countries using the most favored nation pricing model.
00:13Pfizer will offer discounts of 50 to 85 percent on several medications through a new website, TrumpRx.gov, and pledged a $70 billion investment in U.S.-based drug manufacturing and research.
00:26In return, the company secured a three-year grace period from pharmaceutical-specific tariffs.
00:32This deal, which boosted Pfizer's stock on the day, sets a precedent as the president seeks similar arrangements with other drug makers while threatening tariffs on those that don't comply.
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