Trump: US will withdraw from Paris climate agreement

The decision sets the world's largest economy apart from almost all other nations on earth, and moves in opposition to many large American companies, as well. Always a showman, Trump announced the decision in a heavily-teased event at the White House Rose Garden, where administration officials and conservatives applauded the move.

"In order to fulfill my solemn duty to protect America and its citizens, the United States will withdraw from the Paris climate accord, but begin negotiations to re-enter either the Paris accord or an entirely new transaction on terms that are fair to the United States, its businesses, its workers, its people, its taxpayers," Trump said.

"So we're getting out, but we will start to negotiate, and we will see if we can make a deal that's fair. And if we can that's great, and if we can't that's fine."

Trump cannot technically pull out of the agreement until November 2019, and the U.S. must give a year's notice before it can withdraw, according to reports. So a withdrawal may not take effect until 2020, though mechanisms exist to possibly speed the process.

Source: Bloomberg Pro Terminal

Junior Trader Stefan Panteleev