"In order to fulfill my solemn duty to protect America and its citizens, the United States will withdraw from the Paris Climate Accord," declared the President from the Rose Garden, "but will 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."

"So, we're getting out," Trump reiterated, "but we will see if we can negotiate. And we will see if we can make a deal that's fair..."

According to the Trump Administration, if the country stayed in the Accord, the "U.S. economy would lose 6.5 million industrial sector jobs, including 3.1 million manufacturing sector jobs by 2040."

It's important to note that the Paris Accord is actually NOT a "treaty" per se, that would require fulfillments. Erick Erickson, host of Atlanta's Evening News and founder/editor of The Resurgent noted in an opinion piece on Fox News that the agreement was signed by then President Obama, and was never submitted to Congress for ratification or debate first.

Another point highlighted by Christopher Horner, a senior fellow at the Competitive Enterprise Institute is that the Accord is not necessarily all about climate change, but more about "redistributing the world's wealth through climate policy." Horner said that was acknowledged by the UN's chief climate economist, Ottmar Edenhofer.

Speaking of economies, the news of the withdrawal from the Accord reportedly sparked a rally on Wall Street, with U.S. stocks reaching "record highs."

To watch a video of President Trump's speech on the pullout from the Paris climate pact, click here.

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