Trump pulls out of global climate deal

President Trump has announced that the US, the second biggest emitter of greenhouse gasses after China, will be pulling out of the Paris Agreement – a pact aimed at tackling climate change. Trump claims the deal unfairly disadvantages the US, costing over 6 million jobs and US $3trillion in GDP, but that he may also be willing to renegotiate an alternative. The US now joins Syria and Nicaragua as the only countries not supporting the deal, but will not be able to officially leave the agreement for about 4 years. The move has sparked uniformed condemnation from world leaders who have responded by reaffirming their commitment to the agreement, and in some instances pledging to increase their efforts. The long term implications for the US remain unclear, though it is expected Trump will now push to reinvigorate US coal and increase crude oil exploration, an expectation weighing on oil markets today as the price per barrel of Brent Crude falls below US $50.