But the Trump administration is rolling back a host of other climate regulations, and that impact will start to be felt in a few years. Sensing its moment, China is set to capitalise by taking a leadership role on a key global issue for the first time. While traveling overseas last week, Trump was repeatedly pressed to stay in the deal by European leaders and the pope.
With many of its cities choked in smog, Beijing wants to move away from "dirty" manufacturing and retool its factories to produce less polluting high-tech goods. Any trade-dependent energy subsectors could be impacted, including refiners, power generation technology firms and upstream oil and gas companies. "They're going to withdraw US participation in the treaty". That means leaving the agreement isn't the only way to weaken it: Trump could keep the U.S.as a signatory, but continue to slash the programs that would actually make it possible to reach the target for emissions.
Still, Cohn said that the carbon levels agreed to by the prior administration "would be highly crippling to the USA economic growth", and if the president had to choose between limiting carbon and economic growth, "growing our economy is going to win".
Trump had several potential options.
The White House did not confirm those reports, and it was unclear whether Trump would fully scrap USA participation, merely water down U.S. emissions objectives - or surprise everyone with a decision to follow the status quo.
Economists say a US pullout could give American exports an unfair price advantage compared to products from the European Union, where industries must pay penalties for emitting carbon dioxide.
Following Trump's speech, Macron spoke with the president by phone for five minutes and "indicated that nothing was renegotiable in the Paris Accords", according to a French official briefed on the conversation. The U.S. has agreed to reduce its emissions by 2025 to 26 percent to 28 percent of 2005 levels - about 1.6 billion tons.
And for what? Even Gina McCarthy, Obama's Environmental Protection Agency Administrator, testified before Congress, "there is not a single country that signed [the Paris climate agreement] expecting that the 2020 goals would get us where we need to be". Both men have this week pressed Trump to stay on board.More news: Usmanov calls on Kroenke to help protect Wenger's legacy
More news: Rajoy And Modi Boost Bilateral Relations Between Spain And India
More news: Sampaoli keen to build around ´very excited´ Messi
Once a country withdraws, it will no longer attend UNFCCC meetings or take part in negotiations, Todd Stern, former climate negotiator under Barack Obama, recently told France's Liberation newspaper.
American corporate leaders have also appealed to the businessman-turned-president to stay in the pact.
A Washington Post poll in January found just 31 percent of those surveyed supported withdrawing from the Paris deal, while 56 percent were opposed.
"European Council President Donald Tusk made a direct appeal to Trump early Thursday not to pull out of the Paris accord, tweeting "@realDonaldTrump please don't change the (political) climate for the worse".
What is the Paris Agreement? The left is beside itself making the case that pulling out of this anti-American deal is "a traitorous act of war against the American people", because liberals don't care about American jobs, and they don't care that this agreement would destroy the domestic economy.
Mapping the opioid crisis: A newly updated visualization tool uses government data on prescriptions, deaths, and local policies to provide a narrative tour of the US opioid epidemic-including personal accounts of Americans who have died from addiction.
The agreement aims at keeping the increase in average global temperature at below 2 degrees Celsius above pre-industrial levels, by reducing greenhouse gas emissions.
The Atlantic reported previous year that a US departure would likely result in less transparent mechanisms for actually enforcing the Paris accord - because Chinese "faulty and unreliable energy statistics" could play a prominent role.