US President Donald Trump is set to officially announce a review of the fuel-economy standards established under the Obama administration when he meets with the heads of several US automakers Wednesday, according to Reuters.
President Trump will meet with Ford President and CEO Mark Fields, along with the CEOs of General Motors and Fiat Chrysler, and executives from Toyota, Nissan, and Daimler, at an autonomous-vehicle testing facility in Ypsilanti Township, Michigan. Sources told Reuters that he will hold a roundtable discussion with the automotive executives before making a speech to autoworkers and others, following which he is expected to formally call for a review of the Obama-era fuel-economy standards.
The standards, which apply to model years 2022 through 2025, call for automakers to meet an average, fleet-wide target of 54.5 miles-per-gallon by 2025, saving motorists an estimated $1.7 trillion in fueling costs over the life of the vehicles while costing the automotive industry some $200 billion over 13 years. It’s those costs, plus the difficulties of meeting the regulations while American consumers continue to flock to large trucks, SUVs, and crossovers, that has automakers concerned.
Last July, the EPA estimated that automakers will only be able to manage an average of 50.8 to 52.6 mpg by 2025, according to Reuters.
President Trump has already met with US auto executives on several occasions since taking office in January. He’s made cutting “burdensome” regulations and business taxes to foster a “friendly” business environment a core concern of his presidency.