WASHINGTON (Reuters) -U.S. President Donald Trump said he would cut prescription drug prices by 59%, but gave no further details about his plan to lower medicine costs ahead of a health-related event at the White House later on Monday.

"Drug prices to be cut by 59%" Trump wrote in capital letters on his social media platform as global pharma shares traded lower Monday morning. On Sunday, Trump said he would sign an executive order to pursue what is known as "most favored nation" pricing or international reference pricing.