President Donald Trump is repealing the Biden Administration's guidance on fuel economy standards, as announced Wednesday afternoon by the White House. The move is targeted at improving the affordability of new vehicles here in the United States, which crested to a record average transaction price of more than $50,000 earlier this year.

At a White House this afternoon, President Trump said he was terminating "ridiculously burdensome" fuel economy rules. It's part of a series of changes relaxing or eliminating rules promoting cleaner cars.