275/70R18 is 0.10" shorter than 295/70R17, a −0.31% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.05" (half the diameter change), and the tire needs 0.05" less room above it.
295/70R17 is 0.79" wider. On the same wheel offset about half of that, 0.39", moves toward the suspension and half toward the fender.
275/70R18 needs a 18" wheel instead of 17", and its sidewall is 0.55" shorter.
Details: 295/70R17 in inches · 275/70R18 in inches · change sizes in the calculator