President Donald Trump announced on Wednesday emergency price relief for the cost-of-living crisis, striking down the Biden administration's regulatory policies.

"The Biden Administration imposed complex regulatory burdens and radical policies designed to weaken American production," the presidential memorandum fact sheet reads. "President Trump is ordering all Federal agencies to untangle the American economy from Biden constraints and improve affordability of necessary goods and services and increase the prosperity of the American workers."

The memo takes action to eliminate "climate" policies that increase food and fuel costs; eliminate requirements that raise home appliances costs; eliminate rent-seeking practices and administrative expenses driving up healthcare costs; lower housing costs and increase housing supply; and create employment opportunities for American workers.

"Unprecedented regulatory oppression from the Biden Administration has imposed almost $50,000 in costs on the average American household, whereas President Trump’s first-term agenda reduced regulatory costs by almost $11,000 per household," according to the memo.