(MENAFN- Live Mint) US President Donald Trump on Wednesday announced a proposal to rollback the Joe Biden administration's fuel economy standards for vehicles, saying that it would lower car-related expenses for consumers.

Calling Biden's policies "horrible" and "ridiculously burdensome", Trump said, "My administration is taking historic action to lower costs for American consumers, protect American auto jobs and make buying a car much more affordable for countless American families."

Trump's announcement from the Oval Office came in the presence of Ford Motor CEO Jim Farley, Stellantis NV CEO Antonio Filosa, and John Urbanic, plant manager at General Motors' Orion, Michigan, facility.

The proposal, if finalised next year, would ease regulatory pressure on automakers to control emissions from gasoline-powered trucks and cars in a reversal from the Biden administration's push towards cleaner-running vehicles.

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The Biden-era regulations required automakers to achieve a fuel efficiency of 50 miles per gallon across their 2031 model-year vehicles-the aim was to promote both energy efficiency and spur the adoption of electric vehicles (EVs).

Trump's proposal seeks to lower that requirement to about 34.5 miles per for the 2031 model year, as per Bloomberg.

The proposal, if finalised, would come as a major win for the auto and oil industry, which had pushed back against the Biden-era standards, arguing that the administration's demands pushed the limits of available technology.

“As America's largest auto producer, we appreciate President Trump's leadership in aligning fuel economy standards with market realities. We can make real progress on carbon emissions and energy efficiency while still giving customers choice and affordability,” Ford CEO Farley said, welcoming the move.

Earlier, Trump had already signed legislation lifting penalties on automakers who failed to meet the present fuel economy standards.

Meanwhile, the Environmental Protection Agency (EPA) under the current administration has also proposed repealing limits on the greenhouse gas emissions from cars, pickups and heavy-duty trucks.

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Despite critics warning that the rollback of Biden's stricter fuel economy standards will lead to automakers producing less efficient gas-guzzling vehicles and increase the average fuel needs for American families, Trump has said that his“historic” move will lower costs for consumers.

Trump's assertion comes amid growing concerns about rising cost of living, with new car prices in the US topping $50,000 on average for the first time in September, as per Bloomberg.

According to the Trump administration's projections, the new standards would help American families save up to $1,000 on the average cost of a new vehicle, leading to overall savings of $109 billion over the next five years.

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Vehicular emissions from burning gasoline is a major contributor to greenhouse gases, and expectedly, environmentalists have decried Trump's latest move to deregulate the use of fossil fuels.

“In one stroke Trump is worsening three of our nation's most vexing problems: the thirst for oil, high gas pump costs and global warming,” Dan Becker, director of the Safe Climate Transport Campaign for the Center for Biological Diversity, was quoted as saying by the Associated Press.

Katherine García, director of the Sierra Club's Clean Transportation for All program shared Becker's concerns.

“Gutting the (gas-mileage) program will make cars burn more gas and American families burn more cash," Garcia said.

“This rollback would move the auto industry backwards, keeping polluting cars on our roads for years to come and threatening the health of millions of Americans, particularly children and the elderly,” she added.

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