President Donald Trump's administration is set to revoke tougher fuel-economy standards put in place by his predecessor Joe Biden, in a move it says will lower car prices, an official said Wednesday.

Trump will be joined in the Oval Office mid-afternoon by the CEOs of Ford and Stellantis, and a General Motors' official, to announce the rollback -- with the presence of the so-called "Big Three" automakers signaling critical industry buy-in.

"Joe Biden's fuel efficiency regulations would have raised the cost of a new vehicle by $1,000," the White House said on X, adding that Trump's reset would save Americans $109 billion.

The reset concerns Corporate Average Fuel Economy (CAFE) standards, which date back to 1975, when the United States was hit by the Arab oil embargo, and regulate how fa

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