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Three experiments examined the bi-directionality of evaluative effects following CS-US pairing. In all three experiments, CS evaluations were assimilated to the valence of the US they were paired (i.e., an evaluative conditioning effect), whereas US evaluations became less extreme (i.e., a US devaluation effect). Of importance, however, US devaluation proved independent of CS-US pairing. Experiment 1 replicated previous evidence for US devaluation: USs were less intensely evaluated after a conditioning procedure as compared to their normative ratings. Experiment 2 controlled for the effect of CS-US pairing: A US devaluation effect of similar magnitude was observed for USs paired with the CSs or presented alone during the conditioning procedure. Experiment 3 indicates that US habituation drives US devaluation: USs presented and evaluated only once were more extremely evaluated than were US paired with CSs or US presented alone during the conditioning procedure, with the latter two US types not differing from each other. Together, these findings suggest that US devaluation is driven by US habituation rather than bi-directional evaluative influences in an associative learning procedure. The theoretical implications of these findings are discussed.