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"In a very real sense, it was a transfer of wealth from the most powerful economy in the world to other countries around the planet", Pence said.

He said that participating would undermine the USA economy, wipe out USA jobs, weaken American national sovereignty and put the country at a permanent disadvantage to the other countries of the world.

Modi has made it clear when the Paris Agreement was first broadly agreed to in 2015 that more developed countries needed to shoulder more responsibility for reducing carbon emissions.

To Washington's chagrin, China previous year set up its own development bank to meet needs left unfilled by USA -led institutions like the World Bank.

Mr Turnbull should go further, and raise Australia's voice, as an ally of the U.S., in demanding Mr Trump reconsider this foolish decision.

Macron rejected any possibility of a renegotiation with Trump: "There are no more negotiations".

He added: "We don't want other countries laughing at us anymore, and they won't". "Effectively, he just eliminated any leverage he might have had in the negotiations over the Paris rule book".

However they hope the fight against climate change will continue without American leadership. We're already seeing extreme weather events that are made more damaging by rising temperatures and rising sea levels.

Economists and energy industry analysts said the United States withdrawal would see closer cooperation between the European Union and China, potentially at the cost of American jobs.

And while the accord will continue without the United States, it will not move forward at its full strength. The Cambridge, Massaschusetts-based research university published a study in April 2016 titled "How much of a difference will the Paris Agreement make?" showing that if countries abided by their pledges in the deal, global warming would slow by six-tenths of a degree to 1.1 degrees Celsius by 2100.

With the move, the U.S. joins Nicaragua and Syria as the only other non-participants to the accord, inked by 195 nations, including Washington, in Paris in December 2015, to fight climate change.

In 2012, Donald Trump had made a tweet that said, "The concept of global warming was created by and for the Chinese in order to make USA manufacturing non-competitive". "We are isolating ourselves diplomatically".

Indeed, Trump's supporters cheered the decision, which marked the fulfillment both of his campaign promise to scrap the climate accord and his broader pledge to put American interests above all else.

Goldman Sachs chief executive Lloyd Blankfein said on Twitter: "Today's decision is a setback for the environment and for the US's leadership position in the world". "China recognises that the transition to clean energy is the biggest market opportunity in this century", she observed.

Trump may also find that other countries can easily turn his arguments about unfairness back at the US. Trump also is proposing sharp cuts to US budgets for humanitarian and development assistance for the world's poorer nations.

The World Meteorological Organization estimated that US withdrawal from the emissions-cutting accord could add 0.3 degrees Celsius to global temperatures by the end of the century in a worst-case scenario. Experts seem to disagree. "There is no backsliding on the Paris Agreement". "It's going to clean up the environment and I think it'll pay significant benefits to the economy".

And doubling down on coal will do little for job growth. Now the USA stands with only Syria and Nicaragua as countries on the sidelines.

"Compliance to the deal could cost 2.7 million lost jobs by 2025", Trump said.