Johnson & Johnson said Thursday that it has reached an agreement with the Trump administration to cut drug prices for Americans in exchange for exemptions from ⁠tariffs.

"The joint agreement meets the requests laid out by President [Donald] Trump ​to the industry and provides the company's pharmaceutical products an exemption from tariffs," ‍J&J said in a statement.

Specific terms of the agreement were not disclosed.

The Trump administration announced in December that it had reached agreements with nine major ⁠pharmaceutical companies to cut the ⁠prices of their medicines for the government's Medicaid program and for cash-paying consumers, aiming to bring U.S. drug costs in line with those in other wealthy countries.

J&J said Thursday that it will build two new manufacturing facilities in North Carolina ‍and Pennsylvania.