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Pfizer will match its drug prices with those in other developed countries and will avoid paying any tariffs as long as it invests more in U.S. manufacturing

Shares of Pfizer Inc. powered higher Tuesday after the drug giant announced a “voluntary” agreement to meet several of President Trump’s demands to lower drug prices for Americans.

The company PFE said it would lower U.S. drug prices to match those of other developed countries, which was a key point of contention for the Trump administration, and the reasoning behind the executive order Trump signed in May that instituted a “most favored nation” policy for prescription drugs.

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