Updates with details and background from paragraph 2 onwards

Jan 8 (Reuters) - Johnson & Johnson JNJ.N said on Thursday that it has reached an agreement with U.S. President Donald Trump's administration to cut drug prices for Americans in exchange for exemptions from U.S. tariffs.

"The joint agreement meets the requests laid out by President 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 on Thursday that it will build two new manufacturing facilities in North Carolina and Pennsylvania.

(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Sherry Jacob-Phillips)

((RheaRose.Abraham@thomsonreuters.com;))