Red Dye No. 3 is a "color additive made from petroleum," which "could previously be used in foods in small amounts as approved by the FDA on a per-case basis," said Forbes. It was banned in cosmetics after being linked to cancer in rats.

Red No. 3, also known as erythrosine, is a color additive made from petroleum that gives foods and drinks a bright, cherry-red color.

The rescinded order directed Medicare and Medicaid to test ways to lower drug costs for enrollees. Those tests hadn’t started, so current drug prices are unaffected.

One of those now-cancelled policies directed Medicare to investigate ways to slash drug costs, including the possibility of a $2 monthly out-of-pocket cap on some generic medications. Monday's actions also follow through on a key goal of Trump's first term -- weakening the Affordable Care Act.

Trump reversed former President Joe Biden's order on "Lowering Prescription Drug Costs for Americans" on Monday.