President Donald Trump issued an order he says will bring down Americans' prescription drug prices. The order will likely have little effect, but it's a perfect example of the government price controls that Trump and members of his administration once compared to socialism and fascism.

The U.S. pays about three times more than other nations for drugs, and Trump's wide-reaching executive order directs pharmaceutical companies to charge similar prices in the U.S. and Europe. The order says its health department will establish a mechanism for patients to buy more drugs directly from manufacturers.

President Trump will sign an executive order that institutes a "most favored nation" policy for prescription drug pricing in a push to lower prices.