Investing.com -- Walmart plans to reduce prices on multiple products following a request from President Donald Trump's administration, the president said on Monday.

The retailer will lower the price of ground beef by nearly 15% per pound along with other products, Trump said in a post on Truth Social. The price cuts are intended to mark the country's 250th birthday.

Trump called Walmart "one of the biggest, best, and smartest Retailers in America" and described the company as "a truly patriotic Company who loves the U.S.A."

The president said his administration is working to lower prices that increased during previous years. He pointed to falling oil prices and declining gas prices at the pump as examples of his administration's efforts.

Trump encouraged other retailers to follow Walmart's example in reducing prices for consumers.