U.S. President Donald Trump signed an executive order on Monday that aims to reduce the time it takes to approve pharmaceutical plants in the country, as part of new regulations to encourage domestic manufacturing.

President Donald Trump signed an executive order to incentivize drug manufacturing in the U.S. The order comes ahead of Trump's planned tariffs on pharmaceuticals imported into the U.S. U.S. production in the pharmaceutical industry has shrunk significantly in recent decades due to lower costs for labor and other parts of the process in countries like China and some European nations.

The order directs the U.S. Food and Drug Administration to reduce the time it takes to approve drug manufacturing plants in the country, as well as to increase fees for inspections at foreign sites, according to the newspaper.