President Donald Trump's plan to lower U.S. fuel economy standards for new vehicles will make cars cheaper, saving Americans up to $109 billion, an administration official confirmed Wednesday.

Why it matters: It's the latest in a series of rollbacks of Biden-era policies by the Trump administration. • It comes at a time when Americans are facing an affordability crisis on just about everything from housing to cars and groceries. • An average new vehicle now costs more than $50,000 — the first time it has topped that level.

Driving the news: Trump plans to release more details at a White House on Wednesday afternoon, where he's expected to be joined by auto industry CEOs such as Ford's Jim Farley and Stellantis' Antonio Filosa. • The White House said the Biden-era regulations would

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