tv Countdown to the Closing Bell With Liz Claman FOX Business June 1, 2017 3:00pm-4:01pm EDT
president has decided on the paris climate accord. he is announcing that momentarily. we have full coverage will we be in what we go working to find out right now liz claman. and headlines are now just breaking. as he heads to the white house rose garden. any moment now he is pulling out of the paris climate accord but that he will seek a better deal he will reveal the decision on whether the u.s. well abandon the paris climate agreement. now course of the president promised on the campaign trail they raise global temperatures.
they would really feel like we should not be part of this claim accord the decision as i say is imminent it could affect solar, and wind power. he's off to the side. that was part of the wing within the trumpet ministration. what we can tell you at this moment is that the president is said to speak here. if not sooner. the white house has been telling the staffers on capitol hill members there in a phone call earlier that the president has indeed made up his mind to exit from the. claimants agreement. this was a campaign promise of his. he trekked all across the country.
this is a president who has talked about his ability to re- negotiate deals in one of the outstanding questions there was is really two of them at this hour. will the president now that he's about to say that they like at the paris climate agreement will he try to renegotiate going forward. now that all play out. secondly the unwinding of the steel. as it currently stands the u.s. cannot exit the accord until november of 2020 you're talking nearly some four years now. much of this agreement is a voluntary. the standard. might the president try to expedite that. we will hear from the president momentarily. on what is a magnificent day. you're looking at reince priebus at the moment. as a deal we might roll some
video in because we also had this. he is threatening to withdraw from his positions on present trump's committees. it appears according to this headline. the president will pull the u.s. out. tim cook has a called the white house to urge the president. we have america's global allies. some of them urging the president to stay the course. even russia say whatever the president's position they intend to honor the steel which critics say by the way is very flawed. as blake mentioned it's important. what you are seen with the optics. steve has been with the group that says the president will get to the rose garden and say the u.s. is pulling out.
at the same time the real-time drama they are playing alive. right here out on the camera. the dow is up 101. the much better than expected adp private report. sort of known as a precursor for the labor department's number and it was a beat by a longshot. we saw a gain of about 253,000 jobs the expectation was just 185,000 jobs so as we look at that we also want to show you that the s&p 500 in record territory on pace to close at record highs here. pretty significant. that would be the 29th record high close. if we close with the record here.
that will be the 44th record close since election day. let me show you auto stocks while we are waiting. thank you to the best may sales. total in 13 years. what they show a 2.2% increase in sales. even though as the detroit counterpart suffer losses of around 1%. you can see the reaction it's up 3% for percentage points. not because i have such a great number for sales but because it flattened out and it wasn't seen the third consecutive month. another american industrial icon. the big equipment maker for farming and construction announced its ink a deal to buy the privately held company.
those are many stocks that are moving higher at this hour. we should also mention as we watch the nasdaq. they are all showing a little bit of weakness today. they are not been along for the rally ride. with an all-star panel to talk up to the moment. fannie mae right now howard gottman is the former ambassador to belgium. david crane is a former ceo of the utility giant. he then switched the path of that company he is now a senior operating executive which is a private equity firm that focuses on sustainable injury --dash make. a group representing the fossil fuel industry.
we also had william rainey. as both the candidates and the president. howard first to you. we will have an international response. we worked with many countries. what you expect them to say. we are pulling out but not really. we will have a better deal. i'm not sure how you say that in german. i suspect that will be the response a little bit more diplomatically in the chinese will take every advantage of it. they are on the phones working the deal now. they timed the announcement today.
he will keep a campaign promise on the day he's not keeping another one. you are looking at a banner that we put in here the president is saying that he's making this decision to exit the agreement because he wants to put american workers first. he certainly made decisions about coal that take some regulations. where is the opportunity here. we see opportunities in terms of the certainty. not only that. they have kept the promises that he made in the coalfields. today's a big day in this agreement. it was done outside congress like so many of the other things that were done over the last eight years.
if anything it needs to certainly had congressional input. the certainty that comes with this is going to be paramount with our folks in the sense of a markets in some dependability of that. but the other thing that needs to occur as this. and it has at this point. you need to weigh this with the minuscule benefit that is supposedly coming from such an agreement as this. those things they have promulgated over the propagated over the last several years and compared that to the discussion. the balance just simply is not there. say mech let me jump in here. if you all are correct and i presume he's going to withdraw
and if there are conditions. it's a take a look at it. hopefully it's good to be much more deliberate. you of course as have of energy back in the day you put out a note in your company had massive amounts of coal in the past which is very much what people say is a contribution of carbon emissions. you kind of found religion in a way. he turned around and said we can do this better and we can do this cleaner. it would have a minuscule effect to agree. it's hard to figure out exactly what the agreement was. the trend towards renewable energy from coal in particular is not going to change and in 2014 we were still the third largest consumer of coal in
the united states which meant we were the third largest polluter in the united states. there has not been a new coal plant since 2009 and the average age is over 40 years old. this move is not going to create more coal jobs because coal is actually being undercut by natural gas not by renewable energy. this doesn't affect the basic economics and the energy space. >> you of course are an advocate when it comes to the oil industry tell us what you expect here that the president and i just want to let the viewers know we have not gotten two minute warning. tell us what you expected to say it address the aspect of the fact that rex tillerson who is now the secretary of state believes that the
president should stay in this climate accord. we certainly expect that he is going to announce what's right with dried from the record --dash mike accord. api has not taken a position on stay in or not. were neither cheering or jerry today's decision. paris was a lost opportunity. it significantly reducing carbon emissions. we have become the world's largest producer of oil and natural gas and largest refiner as well. those are market forces that are driving us in that direction. see mech let me bring up another market for us. they did a study last month and it was a survey and indicated that 32 utilities in republican states showed that none of them none of them plan to increase coal production or
the use of coal anymore. it almost seems like they are moving on to what do you say that. see mech to that we say we are hopeful the future is going to be much brighter. give them some confidence. they've just been beat up over the last eight years. in all of that regulations have been totally negative to take coal out of the equation for making electricity. in using its industrial fuel. we can certainly live together all of them with the last administration had caused them to back away and not consider them. and we have the most efficient or one of the most efficient coal burning plants right here in west virginia. we've everyone with the regulated community here. we continue to lose --dash make use coal. we think there is a great future for that. >> let me jump in here.
were looking at here is the top economic advisor he is known to be socially livable --dash make liberal. he will exit and come before our cameras and give us an interview right here on content of the closing bell. about the business impact in the financial impact of what is expected from the president's decision to exit this climate change situation. i just want to bring up the fact that we are also looking for sectors of stock. the solar sector has actually performed pretty darn well over while maybe they could stand on their own 2 feet without the paris climate accord. the market is determining that
donald trump could go in and out. we are going to meet the climate goals regardless. that has been determined. when tesla is worth more than ford or chevy at the most valuable card company. the marketing -- the market is determining where we owe on this. it depends on the states and same thing with the offshore winds. ultimately the market is going to take us there. it is a symbolic gesture that will go around the world. it is a big solar company. it is moving higher by nearly a full percentage point. as a former ceo of a big utility where do you stand on fixing the paper accord. it was allowed to increase for the next couple of decades. the idea that he is going to fix it.
it's putting lipstick on a pig. it's still a pig underneath. it took years and years for honor 94 countries to come together. they are aligning themselves with nicaragua and syria. see mech the ambassador is the diplomat. the suspend. is not reality. the accord is aspirational. in renewable energy. and when does even cheaper than that.
we see a dramatic increase. we are just getting this breaking news as is as we await the president. the producer at the white house is reporting that the president is late because he's making last-minute changes to his speech. >> the predictability is in short supply. we could be having this conversation and it could end up being completely much ado about nothing. i need to quickly get to nicole pedal any because we are looking at a trifecta as i said a big finish is finishes possibly record finishes. how much does what happening is on our screen play into that. we are looking at the possible record closes for the s&p.
we are watching the tao. we are about ten points away. from that level. though not really participating today. a big picture today. it has pulled back a little bit. they're focusing now on president trump at the white house what is interesting in the cola stock. btu this group is actually pulling back a little bit. i know it's a campaign promise. there are some fears in the industry overall. that they would receive backlash. the clean coal technology.
and they are trying to see whether not they can same let's make a better deal. we know it's the big guys have been there and there stating he better you better stay in the sink. the thing is not favorable and doesn't have any kind of merit. it's very interesting to see this. he really has a lot to deal with now. no wonder he's making some last-minute changes. and again your people like gary cohn who has been proenvironment certainly in the president has said he cares about the environment too. marty, to nicole's point here we are waiting for the president to show up in the rose garden.
there are big oil companies who say stay in this agreement simply to have a seat at the table to perhaps morph into something that is viable. >> again the important point here is we have shown the leadership. we've shown by greater use of natural gas and oil we had been able to greatly reduce the carbon emissions but also other air pollutants. if they play a more active role globally. they are nearly 200 countries behind it. but at least opening the discussion. we will have to leave some of that to the diplomats. it doesn't stop us from dealing with any country around the world to make sure that as we are seen in developing countries bring on more power that they're able
to use natural gas in the same way we have to greatly reduce admissions. we have created jobs and brought consumer benefits. i think there's still a great opportunity. regardless of whether the paris accord moves forward or not and we still have a great opportunity as a nation to play a very strong role around the world and making sure that the same benefits can be seen everywhere. he's wearing a green tie. steve just took a seat next to gary. as we wait on this and again it is eminent now every seat is filled in the rose garden. president present them out to make his announcement. i what we expect to be with a drying from this climate accord. forgive me if i interrupt you. to that point if the president said we can strike a better deal how do you go about striking a better deal with each one separately.
you have to have willing partners the real issue is not what we are gonna do heads but they're going to do and i don't think it's beyond the pale that they in fact impose a carbon tax on her as exports. .. >> i completely agree. the biggest issue, alluded as the ambassador, you law of unintended consequences. not clear american coal companies benefit. they might get blackballed in the international market with 194 other countries. i don't think this is a job creator.
i think this is a job destroyer. liz: what do you shift nr-f shifting burning from massive amounts of coal to a green operation? >> our workforce expanded dramatically. when we got involved in home solar, that is labor intensive business because there are installer jobs. that is another thing not talked about here, not talked about by president trump, impact on small business. because most of the for example, the distributed solar industry in the united states where a lot of these 500,000 renewable jobs have been created are companies family-owned and roofers and hv companies and got into solar industry and this doesn't help them. liz: you know what is interesting? a lot of people say it is tough to get people to jump on the climate change bandwagon because the effects are very slow. we have seen two of warmest
years on record in north mesh ever. the last two years i believe. the markets are pretty solid. i would put into play the fact we got adp may jobs number and it was a big beat. so the markets began charging ahead this morning as soon as that number came out. may auto sales were flat after two months of declines. so that certainly helped. we have factory activity, the ism beating estimates. so that too contributed to much better feeling we are no longer in an emergency federal reserve interest rate situation. the labor market is extraordinarily title. the environment, when it comes to the economy is not in an emergency. so as you see the dow intraday chart we're climbing back up to the highs of the session. which i do have, i will pull up at the moment 21, high of the session was gain of 125. right now we're up 110. s&p high up 15.
and you can see it too is moving higher as we speak all three in record close territory. with about 35 minutes to go before the closing bell. please keep in mind that this could be a historic day both at the white house and down on wall street. i want to get back to william and coal, why are coal stocks not jumping? >> you talking to me? liz: yes. >> what we know in west virginia we depended on coal so long, devastation brought last eight years, including paris climate agreement, we're looking for
certainty and positive attitude out of the white house which we think made a big difference from since january our production is up about 19%. here in the state. we're employing people. we're looking for more and more mine workers. we have the best coal miners and best coal in the world. we want to use that, when you have a positive attitude as owe he posed to a negative attitude there is room for all sorts of energy out there of course. but we think since america has more coal than any other country in the world, we certainly ought to take you full advantage of that, increase research and let's get on to no emissions power plant. let's take advantage of putting our people back to work. liz: pennsylvania is on the phone. they take umbrage. they say they have the best coal. we really understand how tough it has been for coal miners. one of touching moments has coal miners, he brought everybody,
fancy ceos to union workers right into the oval office. he brought coal miners wearing their hard hats. it was important moment, almost one of those, i hesitate to use cliche, i feel your pain moment, but the president put his money where his mouth is. the question becomes what happens in the future? we're seeing ice sheets melting, seas rising. in jakarta they expect to spend billions of dollars raising docks on their ports because the seas are rising. howard, that brings it into the international picture. once again we're waiting on the president, he is according to the white house producer, there at the rose garden. he is putting last minute changes and touches on his speech. go ahead, howard. >> first of all one important point we can never turn our back on west virginia and coal miners. liz: never. we mus'nt. we must help them. >> easy to do so, easy to do so with the economy of tomorrow not hanging on to the economy of
yesterday. we should tax incentivize, and solar producers to base in west virginia. use training dollars to he retrain there, instead of trying to get an energy source will lose to natural gas. that was done not by barack obama you by a man named george mitchell when he discovered fracking. technology moved on. you have to realize how that affects your country to adapt to, making sure natural gas, solar wind, bringing west virginia along with it. you could have very, pittsburgh is a economy and pittsburgh is tech economy. liz: we got a one minute a second ago. we wait for the walk up of the president. bernie sanders put out this decision. president trump's decision to withdraw out of the paris climate agreement is international disgrace, abdication of american leadership. royal dutch/shell responding. they say, let me see the
statement. where is the statement? it is not attached. oh, shell's position, on climate change and importance of the paris agreement is well-known. we share with the administration, this is from royal dutch/shell our strong support for the u.s. remaining in the agreement. we respect president trump's decision but will continue to work closely with his administration on issues related to energy policy. there you have royal dutch/shell whose stock is flat at moment, but slightly higher by four pennies saying they believe that the u.s. should stay and remain in the paris climate agreement. there are other. companies staying in from the gap, to google and so on. here is vice president mike pence who is doing a walk-up to president trump. shall we listen right now, brad? we'll listen in. >> welcome to the white house. [applause]
it is the greatest privilege of my life to serve as vice president to a president fighting every day to make america great again. since the first day of this administration president donald trump has been working tirelessly to keep the promises that he made to the american people. president trump has been he reforming health care, enforcing our laws, ending illegal immigration, rebuilding our military and this president has been rolling back excessive regulations and unfair trade practices that were stifling american jobs. thanks to president trump's leadership american businesses are growing again. investing investing in america again and creating jobs in this country, instead of shipping jobs overseas. thanks to president donald trump america is back. [applause] and just last week we all witnessed the bold leadership of an american president on the world stage, putting america
first, from the middle east to europe as leader of the free world, president trump reaffirmed historic alliances forged new relationships and called on the wider world to confront the threat of terrorism in new and renewed ways. by the action the president will announce today the american people and the wider world will see once again our president is choosing to put american jobs, and american consumers first. our president is choosing to put american energy and american industry first. and by his action today, president donald trump is choosing to put the forgotten men and women of america first. so with gratitude for his leadership -- [applause] and admiration for his unwaivering commitment to the american people it is now my high honor and distinct privilege to introduce to all of you, the president of the united states of america, president donald trump.
[applause] >> thank you very much. thank you. i would like to begin by addressing the terrorist attack in manila. we're closely monitoring the situation. i will continue to give updates if anything happens during this period of time but it is really very sad as to what is going on throughout the world with terror our thoughts and our prayers are with all of those affected. before we discuss the paris
accord i'd like to begin with an update on our tremendous, absolutely tremendous economic progress since election day on november 8th. the economy is starting to come back and very, very rapidly. we have added $3.3 trillion in stock market value to our economy, and more than a million private sector jobs. i have just returned from a trip overseas where we concluded nearly $350 billion of military and economic development for the united states, creating hundreds of thousands of jobs. it was a very, very successful trip, believe me. [applause] thank you. thank you. in my meetings at the g7 we have taken historic steps to demand fair and reciprocal trade that
gives americans a level playing field against other nations. we're also working very hard for peace in the middle east and perhaps even peace between the israelis and palestinians. our attacks on terrorism are greatly stepped up and you see that, you see it all over. from the previous administration including getting many other countries to make major contributions to the fight against terror. big, big contributions are being made by countries that weren't doing so much in the form of contribution. one by one we're keeping the promises i made to the american people during my campaign for president. whether it is cutting job-killing regulations, appointing and confirming a tremendous supreme court justice, putting in place tough new ethics rules, achieving a record reduction in illegal
immigration on our southern border, or bringing jobs, plants and factories back into the united states at numbers which no one until this point thought even possible, and believe me, we have just begun. the fruits of our labor will be seen very shortly even more some on these issues and some more we're following through on our commitments and i don't want anything to get in our way. i am fighting every day for the great people of this country. therefore in order to fulfill my solemn duty to protect america and its citizens, the united states will withdraw from the
paris climate accord. [applause] thank you. thank you. but begin negotiations to reenter, either the paris accord, or really 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 but we will start to negotiate and we will see if we can make a deal that is fair f we can, that is great. if we can't, that's fine. [applause] 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 non-binding 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 that it 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%. cement down 23%. iron and steel down 38%. coal, and i happen to love the coal miners, down 86%. natural gas down 31%. the cost to the economy at this time would be close to $3 trillion in lost gdp and 6 1/2 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 can not in good conscience 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 block as development of clean coal in america, which it does, and mines are starting to open up, we're having a big opening in two weeks. pennsylvania, ohio, west virginia, so many places. a big opening of a brand new mine. it is unheard of. for many, many years, that hasn't happened.
they asked me if i would go. i am 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 a 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 plant. 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, in 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 on 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. it is great wealth. it face nominal wealth. not so long ago we had no idea we had such wealth.llions and mf families trapped in poverty and joblessness. the agreement is a massive redistribution of united states' wealth to other countries. at 1% groth renewable sources of energy can meet some of our domestic demand but at 3 or 4% growth which i expect we need all forms of available american energy, or our country -- [applause]
our country will be at grave risk of brownouts and blackouts. our businesses will come to a halt in many cases, and the american family will suffer the consequences in the form of lost jobs and a very diminished quality of life. even if the paris agreement were implemented in full with total compliance from all nations, it is estimated it would only produce a .2 of one degree, think of that, this much, celsius reduction in global temperature by the year 2100. tiny, tiny amount. in fact, 14 days of carbon emissions from china alone would wipe out the gains from america
and this is incredible statistic, would totally wipe out the gains from america's expected reductions in the year 2030, after we have had to spend billions and billions of dollars, lost jobs, closed factories and suffered much higher energy costs for our businesses and for our homes. as "the wall street journal" wrote this morning, the reality is that withdrawing is in america's economic interest and won't matter much to the climate. the united states under the trump administration will continue to be the cleanest and most environmentally-friendly country on earth. we'll be the cleanest. we'll have the cleanest air.
we'll have the cleanest water. we will be environmentally-friendly but we're not going to put our businesses out of work. we're not going to lose our jobs. we're going to grow. we're going to grow rapidly. [applause] i think you just read, it just came out minutes ago, the small business report, small businesses as of just now are booming, hiring people. one of the best reports they have seen in many years. i'm willing to immediately work with democratic leaders to it either negotiate our way back into paris, under the terms that are fair to the united states and its workers or to negotiate a new deal that protects our country and its taxpayers.
[applause] so if the obstructionists want to get together with me, let's make them non-obstructionists. we will all get down, get back into the deal and we'll make it good, and we won't be closings up our factories and we won't be losing our jobs. we'll sit down with the democrats and all of the people that represent either the paris accord or something we can do something much better than the paris accord and i think the people of our country will be thrilled. i think then the people of the world will be thrilled, until we do that we're out of the agreement. i will work to insure that america remains the world's leader on environmental issues but under a framework that is fair and with a burdens and responsibilities are equally shared among the many nations
all around the world. no responsible leader can put the workers and the people of their country at this debilitating and tremendous disadvantage. the fact that the paris deal hamstrings the united states while empowering some of the world's top-polluting countries should dispel any doubt as to the real reason why foreign lobbyists wish to keep our magnificent country tied up and bound down by this agreement. it's to give their country an economic edge over the united states. that is not going to happen while i'm president. i'm sorry. [applause] my job as president is to do everything within my power to
give america a level playing field. and to create the economic, regulatory, and stacks structures that make america the most prosperous and productive country on earth. and with highest standard of living and the highest standard of environmental protection. our tax bill is moving along in congress, and i believe it is doing very well. i think a lot of people will be very pleasantly surprised. the republicans are working very, very hard. we'd love to have support from the democrats but we may have to go it alone but it is going very well. the paris agreement handicaps the united states' economy in order to win praise from very
foreign capitals and global activists that have long sought to gain wealth at our country's expense. they don't put america first. i do. and i always will. [applause] the same nations asking us to stay in the agreement are the countries that have collectively cost america trillions of dollars through tough trade practices and in many cases, lacks contributions to our critical military alliance. you see what's happening. it is pretty obvious to those that want to keep an open mind. at what point does america get demeaned? at what point do they start laughing at us as a country?
we want fair treatment for its citizens, and we want fair treatment for our taxpayers. we don't want other leaders and other countries laughing at us anymore, and they won't be. they won't be. i was elected to represent the citizens of pittsburgh, not paris. [applause] i promised or exit and renegotiate any deal that fails to serve america's interests. many trade deals will soon be under renegotiation. very rarely do we have a deal that works for this country. but they will soon be under renegotiation. the process has begun from day one but now we're down to business.
beyond the see he veer energy restrictions in-- severe energy restrictions by the paris accord, it has another scheme to redistribute wealth out of the united states through the so-called green climate fund, nice name, which calls for developed countries to send $100 billion to developing count veries, all on top of america's existing and massive foreign aid payments. so we're going to be paying billions and billions and billions of dollars and we're already way ahead of anybody else. many of the other countries haven't spent anything, and many of them will never pay one dime. the green fund would likely obligate the united states to commit, potentially, 10 of billions of dollars of which the
united states has handed over one billion dollars. nobody has is even close. most of them haven't even paid anything. including funds raided out of america's budget for the war against terrorism. that is where they came. believe me, they didn't come from me. they came just before i came into office. not good. and not good the way they took the money. in 2015 the united nations departing top climate officials reportedly described the $100 billion per year, as peanuts, and stated that the $100 billion is the tail that
wags the dog. in 2015 the green climate fund's executive director reportedly stated that estimated funding needed would increase to $450 billion per year after 2020. nobody even knows where the money is going to. nobody has been able to say where is it going to? of course the world's top polluters have no affirmative obligations under the green fund, which we terminate. america is $20 trillion in debt. cash-strapped cities can not hire enough police officers, or fix vital infrastructure. millions of our citizens are out of work, and yet, under the paris accord billions of dollars that ought to be invested right
here in america will be sent to the very countries that have taken our factories and our jobs away from us. so think of that. there are serious legal and constitutional issues as well. foreign leaders in europe, asia, and across the world should not have more to say with respect to the u.s. economy than our own citizens and their elected representatives. thus our withdrawal from the agreement represents a reassertion of america's sovereignty. [applause]
our constitution is unique among all the nations in the world and it is my highest obligation and greatest honor to protect it, and i will. staying in the agreement could also pose serious obstacles for the united states when we begin unlocking restrictions on america's abundant energy reserves which we have started very strongly. it would once have been unthinkable that an international agreement could prevent the united states from conducting its own domestic, economic affairs. but this is the new reality we face if we do not leave the agreement or if we do not negotiate a far-better deal. the risks grow as historically, these agreements only tend to
become more and more ambitious over time. in other words, the paris framework it is just a starting point as bad as it is, not an end point. and exiting the agreement protections the united states from future intrusions on the united states' sovereignty and massive future legal liability. believe me we have massive legal liability if we stay in. as president, i have one obligation and that obligation is to the american people. the paris accord would undermine our economy, hamstring our workers, weaken our sovereignty, impose unacceptable legal risk, and put us at a permanent disad
vanning to other countries in the world. it is time to exit the paris accord. [applause] and time to pursue a new deal that protects the environment, our companies, our citizens, and our country. it is time to put youngstown, ohio, detroit, michigan, and pittsburgh, pennsylvania, along with many, many other locations within our great country before paris, france. it is time to make america great again. thank you. [applause] thank you. thank you, very much.
liz: president trump wrapping up the speech where very clearly said he will keep the door open to reentering the paris climate accord but for now -- >> i'd like to ask scott pruitt most of you know and i respect as most of you do, to say a few words. scott, please. [applause] >> thank you, mr. president. your decision today to exit the paris accord reflects your unflinching commitment to put america first and by exiting, you're fulfilling yet one more campaign promise to the american people. please know that i am thankful for your fortitude, your courage, and your steadfastness as you serve and lead our country. america finally has a leader who answers only to the people, not to the special interests who have had their way for way too long and everything you do, mr. president, you're fighting