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President Donald Trump on Wednesday said his administration would "reset" fuel efficiency standards for passenger cars in an effort to put a lid rising auto prices, as the administration battles inflation and an affordability crisis.

The previous rules, which sought to lower carbon emissions, “put tremendous upward pressure on car prices,” Trump said in the Oval Office.

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The president is under political pressure to address affordability concerns after Democrats swept major races last month, fueled by voters' frustration with rising prices.

Overall inflation, as measured by the consumer price index, has risen every month since Trump announced sweeping tariffs on

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