Yes it does.Applicable ruling below.
`Sensei
Q. Does High Pressure system change the amount of damage Muk-EX does
with Slimy Water?
A. Yes, provided that the Pokemon's retreat cost isn't already zero -
there is no such thing as a negative retreat cost. Anything that
reduces the retreat cost will affect the damage Muk-EX does with its Slimy
Water attack. (Feb 5, 2004 PUI Rules Team)