Stock traders signaled celebration and confidence in President Donald Trump’s withdrawal from the Paris Climate Accord as the Dow Jones set a new record during the president’s announcement of withdrawal.
The president appeared on the White House lawn and was introduced by Vice President Mike Pence.
In his speech, President Trump said that the United States could possibly re-enter the Paris Accord or a “new transaction on terms that are fair to the United States, its businesses, its workers, its people, its taxpayers. 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.”
Video (see time marker 1:01:21) and partial transcript below:
Partial transcript below:
As president I can put no other consideration before the well-being of American citizens. The Paris Climate Accord is simply the latest example of Washington entering into an agreement that disadvantages the United States to the exclusive benefit of other countries, leaving American workers who I love and taxpayers to absorb the cost in terms of lost jobs, lower wages, shuttered factories and vastly diminished economic production.
Thus, as of today, the United States will cease all implementation of the nonbinding Paris Accord and the draconian financial and economic burdens the agreement imposes on our country. This includes ending the implementation of the nationally determined contribution and, very importantly, the Green Climate Fund which is costing the United States a vast fortune.
Compliance with the terms of the Paris accord and the onerous energy restrictions it has placed on the United States could cost America as much as 2.7 million lost jobs by 2025, according to the National Economic Research Associates.
This includes 440,000 fewer manufacturing jobs — not what we need. Believe me, this is not what we need — including automobile jobs and the further decimation of vital American industries on which countless communities rely — they rely for so much, and we would be giving them so little.
According to the same study, by 2040, compliance with the commitments put into place by the previous administration would cut production for the following sectors: paper, down 12 percent; cement, down 23 percent; iron and steel, down 38 percent; coal, and I happen to love the coal miners, down 86 percent; natural gas, down 31 percent.
The cost to the economy at this time would be close to $3 trillion in lost GDP and 6.5 million industrial jobs, while households would have 7,000 less income, and in many cases, much worse than that.
Not only does this deal subject our citizens to harsh economic restrictions, it fails to live up to our environmental ideals. As someone who cares deeply about the environment, which I do, I cannot in good conscious support a deal that punishes the United States, which is what it does, – the world’s leader in environmental protection, while imposing no meaningful obligations on the world’s leading polluters. For example, under the agreement, China will be able to increase these emissions by a staggering number of years, 13. They can do whatever they want for 13 years. Not us.
India makes its participation contingent on receiving billions and billions and billions of dollars in foreign aid from developed countries. There are many other examples. But the bottom line is that the Paris Accord is very unfair at the highest level to the United States.
Further, while the current agreement effectively blocks the development of clean coal in America, which it does. And the mines are starting to open up, having a big opening in two weeks, Pennsylvania, Ohio, West Virginia, so many places. A big opening of a brand, new mine. It’s unheard of. For many, many years that hasn’t happened. They asked me if I’d go. I’m going to try.
China will be allowed to build hundreds of additional coal plants. So, we can’t build the plants, but they can, according to this agreement. India will be allowed to double its coal production by 2020. Think of it. India can double their coal production. We’re supposed to get rid of ours. Even Europe is allowed to continue construction of coal plants.
In short, the agreement doesn’t eliminate coal jobs. It just transfers those jobs out of America and the United States, and ships them to foreign countries. This agreement is less about the climate and more about other countries gaining a financial advantage over the United States.
The rest of the world applauded when we signed the Paris Agreement. They went wild. They were so happy. For the simple reason that it put our country, the United States of America, which we all love, at a very, very big economic disadvantage. A cynic would say the obvious reason for economic competitors and their wish to see us remain in the agreement is so that we continue to suffer this self-inflicted major economic wound. We would find it very hard to compete with other countries from other parts of the world.
We have among the most abundant energy reserves in the planet, sufficient to lift millions of America’s poorest workers out of poverty. Yet under this agreement, we are effectively putting these reserves under lock and key, taking away the great wealth of our nation, great wealth, phenomenal wealth.
Not so long ago we had no idea we had such wealth. And leaving millions and millions of families trapped in poverty and joblessness. The agreement is a massive redistribution of United States wealth to other countries.
TRUMP: At 1 percent growth, renewable sources of energy can meet some of our domestic demand. But at 3 or 4 percent growth, which I expect, we need all forms of available American energy…
–end of partial transcript–
Numerous world leaders, including European Commission President Jean-Claude Juncker, have expressed outrage over the likely decision by Trump.
“The Americans can’t just leave the Climate Protection Agreement,” an outraged Juncker said in Germany Wednesday.
Oh but we can! We can decide that we don’t want our wealth to be redistributed in the name of ending the so-called hoax called “climate change.” And our president has the balls to stand up to the elites. -Rhett October