WASHINGTON (Reuters) – Former U.S. President Donald Trump signed a sweeping executive order on Monday aimed at forcing pharmaceutical companies to lower drug prices in the United States to match those in other developed countries — a move analysts and legal experts say will be challenging to enforce.

The order sets price targets for drugmakers to meet within 30 days. If companies fail to show “significant progress” within six months, further actions will follow, potentially including tariffs and regulatory changes.

“We’re not going to let the American people pay two to three times what other countries pay,” Trump said during a press conference. “Everybody should pay the same price.”

Trump is seeking drug price cuts of between 59% and 90%, citing disparities such as a weight loss injection costing $88 in London compared to $1,300 in the U.S. He warned that if companies don’t comply, the government could impose import restrictions, allow drug imports from abroad, and use rulemaking to bring U.S. prices in line with international levels.

The U.S. currently pays the highest prices globally for many prescription drugs — nearly triple those in other wealthy nations. Trump had previously attempted similar reforms during his presidency but faced legal obstacles.

Investors appeared skeptical. Pharmaceutical stocks initially dipped on news of the order but rebounded Monday morning amid doubts over its implementation.

Trump framed the move as part of a broader push to combat inflation and lower everyday costs for Americans — a central theme in his campaign messaging.

However, industry groups pushed back hard. The Pharmaceutical Research and Manufacturers of America (PhRMA) called the proposal dangerous.

“Importing foreign price controls from socialist countries would be a bad deal for American patients and workers,” said PhRMA CEO Stephen Ubl. “It risks fewer treatments and cures and threatens the hundreds of billions of dollars our companies are investing in the U.S.”