The administration will also end the so-called “electric vehicle mandate,” Trump’s phrase for a Environmental Protection Agency rule that requires auto manufacturers cut greenhouse gas emissions by half in new light- and medium-duty vehicles beginning in 2027.

Trump, who campaigned on lowering costs for consumers, will also sign a presidential memorandum directing government agencies to focus on bringing down inflation.

Other actions are aimed at cutting “red tape” and “regulations” that have hurt the American economy, officials said. It wasn’t immediately clear which regulations Trump will target.

What could be the impact?

The suite of reforms will slow the country’s progress when it comes to addressing climate change, a trend that has made weather calamities more common worldwide and imposes large costs on the global economy every year.

The effect on consumer prices is difficult to predict, analysts say. Increasing the world’s energy supply would likely bring down costs for consumers in the long run, and energy is a key part of the U.S.’ strategy on the world stage. At the same time, the policy tools available to the president are limited, and they could take a while to translate into lower prices at the gas pump.