Trump Signals US Is Likely To Exit Paris Climate Deal

June 1, 2017

Washington, Jun 1: President Donald Trump is still undecided but leaning toward withdrawing the United States from the landmark Paris climate agreement, White House officials said Wednesday, a move that would honor a campaign vow but risk rupturing global alliances and disappointing both environmentalists and corporate titans.donald

Although officials warned that Trump's thinking could shift before he announces his decision Thursday, a U.S. exit from the climate pact could have severe ramifications internationally. It could raise doubts about the commitment of the world's largest economy to curbing global warming and make it more difficult to hold other nations to their environmental commitments.

All but two countries - Nicaragua and Syria - signed onto the 2015 accord, which was a signature diplomatic achievement for President Barack Obama.

The Paris agreement has long divided the Trump administration, with the president taking much of the spring to make up his mind amid an intense campaign by both sides to influence his decision.

Secretary of State Rex Tillerson and Ivanka Trump, the president's daughter and adviser, are among those who have urged him to stay in the deal. White House chief strategist Stephen Bannon and Environmental Protection Agency Administrator Scott Pruitt have pushed for a withdrawal, which wouldn't actually be finalized until near the end of Trump's term.

Although the White House signaled that Trump was likely to announce an exit from the Paris accord, it made no public announcement Wednesday. Trump tweeted that he would announce his decision Thursday at 3 p.m. in the White House Rose Garden. The president has a history of changing his mind at the last minute, as he did in deciding not to pull out of the North American Free Trade Agreement after aides had suggested he would.

All day, senior administration officials cautioned that Trump had not yet made a final decision on the climate pact - and the president himself seemed eager to maintain the suspense.

"You're going to find out very soon," Trump told reporters Wednesday, in response to questions during a brief Oval Office appearance with Vietnamese Prime Minister Nguyen Xuan Phuc.

Asked whether he had been hearing from CEOs trying to persuade him, Trump said, "I'm hearing from a lot of people, both ways." More than 190 nations agreed to the accord in December 2015 in Paris, and 147 have since formally ratified or otherwise joined it, including the United States - representing more than 80 percent of the world's greenhouse gas emissions.

The United States is the world's second-largest emitter of greenhouse gases. Under the Paris agreement, the United States promised to reduce its emissions 26 percent to 28 percent below their 2005 levels by 2025. As of 2015, emissions were 12 percent lower, according to the U.S. Energy Information Administration.

Hard-line conservatives have sought to convince Trump that meeting this target would be harmful to the bottom lines of U.S. businesses and would jeopardize manufacturing jobs, especially in the Midwest and other regions where Trump found deep support in last year's election.

They also have argued that staying in the Paris agreement could be used as a legal tool by environmental groups seeking to fight Trump's environmental policies.

In addition, a group of 22 Republican senators - including Senate Majority Leader Mitch McConnell, R-Ky., - wrote to Trump urging "a clean break" from the Paris agreement.

But Tillerson and other internationalists have argued that it would be beneficial to the United States to remain part of negotiations and meetings surrounding the agreement as a matter of leverage and influence.

A broad range of outsiders have lobbied Trump to remain part of the global pact, from former vice president Al Gore to Pope Francis. The administration's debate has triggered an outpouring of lobbying from corporate America as well, as Apple, ExxonMobil and other major companies have strongly supported the accord.

During Trump's maiden foreign trip last week, a number of European leaders sought to persuade Trump of the magnitude of the climate change crisis and the importance of American leadership to address it.

Gary Cohn, the National Economic Council director, told reporters last week that Trump "wants to do the right thing for the environment. He cares about the environment. But he also cares very much about creating jobs for American workers." He added, "If those things collide, growing our economy is going to win. The president ran on growing our economy."

As a candidate, Trump railed against the Paris accord and pledged to scrap it, as part of his "America First" agenda to promote economic nationalism and disentangle the United States from international agreements that he considers harmful.

Trump also said he thought climate change was a "hoax." Asked by a reporter Wednesday whether he still believes so, the president said only, "Thank you, everybody."

News reports Wednesday that Trump was expected to withdraw from the Paris accord sparked swift and strong reactions.

Elon Musk, the chief executive of Tesla and a member of a White House manufacturing jobs advisory board, tweeted that if Trump does exit, he would have "no choice" but to end his affiliations with the administration.

Mitt Romney, the 2012 Republican presidential nominee and one of Trump's finalists for secretary of state, tweeted, "Affirmation of the #ParisAgreement is not only about the climate: It is also about America remaining the global leader."

Sen. Michael Bennet, D-Colo., said leaving the Paris agreement would amount to an "abdication" of American values.

"This would be yet another example of President Trump's 'Putting America Last' agenda - last in innovation, last in science, and last in international leadership," Bennet said in a statement.

Others cheered the notion that Trump might soon kill the climate agreement that had been an Obama legacy item.

"President Trump's decision sends a strong message to the environmentalist movement: no longer will the United States be strong armed by their scare tactics intended to harm our economy and inhibit economic growth," David McIntosh, president of the Club for Growth, a conservative political action group, said in a statement.

A party that has fully joined the accord, as the United States has, cannot formally withdraw for three years after the agreement was entered into force in 2016 - and that is capped by an extra year-long waiting period. Under those rules, Trump could not complete a U.S. exit from the agreement until Nov. 4, 2020 - the day after the next presidential election.

European Commission President Jean-Claude Juncker said he tried to explain to Trump during their climate discussions last week that withdrawing from the pact was no simple task.

"Not everything in international agreements is 'fake news,' " Juncker said Wednesday. He added, "This notion, 'I am Trump, I am American, 'America First' and I'm going to get out of it' - that won't happen. We tried to explain that to Mr. Trump in Taormina in clear German sentences. It seems our attempt failed." Taormina is the Sicilian resort town where the Group of Seven leaders met last week.

Trump also could opt to withdraw from the more foundational U.N. Framework Convention on Climate Change, which laid the groundwork for the Paris deal and was signed by President George H.W. Bush and ratified by the Senate in the early 1990s.

But that is a more radical move, which would further withdraw the United States from all international climate change negotiations.

The Trump administration already has rolled back key Obama administration initiatives through executive action, including the EPA's Clean Power Plan, which was a key part of the U.S. promise through the Paris agreement. These policies have made it highly unlikely that the United States could honor its Paris pledge to sharply cut carbon dioxide emissions.

That leaves Trump with two clear choices: withdraw from the Paris agreement or revise the U.S. emissions targets downward to a more achievable level while remaining in the pact.

A downward revision would certainly prompt criticism from the international community, but not nearly so much as an abandonment. The Paris agreement is, after all, the first global accord on climate change action that has managed to unify both developed and developing nations behind a single framework to cut emissions.

Moreover, the accord is flexible in the sense that it does not mandate that any nation achieve any particular level of emissions cuts. Rather, every nation under the agreement pledges to do the best it can, and to participate in a process in which nations will regularly increase their ambitions over time.

The ultimate goal of the Paris agreement is to hold the warming of the planet to "well below" two degrees Celsius (3.6 degrees Fahrenheit) of warming above the temperatures found in the preindustrial times of the late 1800s. The Earth is already about one degree Celsius (1.8 degrees Fahrenheit) warmer than it was at that time, scientists have determined, and current and near future emissions seem quite likely to take the planet past 1.5 degrees Celsius (2.7 degrees Fahrenheit) in the coming decades.

Recent research has highlighted that above 2 degrees, major threats could ensue for Earth systems ranging from coral reefs to the planet's vast ice sheets.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
July 25,2020

Madrid, Jul 25: Spain is witnessing a new surge in virus" coronavirus infections with nearly a thousand cases daily, a month after lifting the pandemic lockdown.

The country is reinstating both voluntary guidelines and mandatory restrictions that it had lifted on June 21, The Washington Post reported.

Spain on Wednesday reported over 224 outbreaks and 2,622 virus" coronavirus cases. According to a report in Washington Post, the new surge is attributed primarily to seasonal farmworkers, people attending family get-togethers and nightclub partyers.

On Thursday, the health ministry reported an additional 971 cases.

"The majority are related to fruit collection and also to the spaces where measures to avoid contact are relaxed," Spain Health Minister Salvador Illa told parliament. "We have to call on citizens to not lose respect for the virus not to be afraid of it, but not to lose respect for it either."

The government of Spain lifted all restrictions put in place to combat virus" coronavirus on June 21 and declared 'a new normal'. 

The virus" coronavirus pandemic till then had killed 24,000 people and infected more than 2,70,166.

Countries around the world are witnessing the second surge of virus" coronavirus. The resurgence could threaten the economic bounce Spain was hoping to get from vacationers eager for summer fun.

The surge in cases has been greatest in the northeastern region of Catalonia with more than 7,953 new confirmed cases since July 10.

Spain's National Epidemiological Survey has predicted that the rate of increase more than doubled in the past three weeks.

Meanwhile, the Catalan government reverted to pre-June 21 confinement rules in Barcelona and a dozen other municipalities in the metropolitan area, as well as in Figueras, Vilafant, La Noguera and Lleida.

Authorities have ordered bars and restaurants to limit indoor occupancy to 50 per cent, reduced sports to fewer than 10 people, closed night clubs and gyms and blocked some cultural activities.

The epidemiologist in charge of the region's biggest hospital warned in an interview last week with the Spanish daily El Pais that the situation in the agricultural hub of Lleida, located about 100 miles west of Barcelona, "had clearly gotten out of hand."

"Nobody foresaw that there would be a number of people coming from abroad to pick fruit in unfavourable conditions and that they might be infected," said epidemiologist Magda Campins of Vall d'Hebron in Barcelona. "And when the infections began to be detected, it was hard to keep tabs on the cases and their contacts because some of them, although they should have been in isolation, got away because they needed to earn money."

Catalonia's Department of Labour, Social Affairs and Family is using a hotel in Lleida to quarantine fruit workers who test positive for COVID-19 but are unable to isolate at home.

In the capital of Madrid, which was the epicentre during the pandemic's first wave in the spring, authorities reported 710 new cases in the past week. The use of face masks is widespread, but the region has shied away from making them mandatory in public.

Madrid's regional health secretary, Enrique Ruiz Escudero, defended that position while citing an uptick in infections in the under-40 age group. He told young people not to let down their guard.

"We can't take even one step backwards. Young people have to be aware of the responsibility they have," Ruiz Escudero said in a news conference Thursday. "I ask them to use the face mask and to maintain a safe distance."

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News Network
June 11,2020

Beijing, Jun 11: Floods and mudslides in south China have uprooted hundreds of thousands of people and left dozens dead or missing, state media reported Thursday.

The bad weather has wreaked havoc on popular tourist areas that had already been battered by months of travel restrictions during the coronavirus outbreak.

Torrential downpours unleashed floods and mudslides that caused nearly 230,000 people to be relocated and destroyed more than 1,300 houses, official state news agency Xinhua reported, citing the Ministry of Emergency Management.

In southern Guangxi Zhuang Autonomous Region, six people were reported dead and one missing, Xinhua said.

Streets were waterlogged in popular tourist destination Yangshuo, forcing residents and visitors to evacuate on bamboo rafts.

The local government said more than 1,000 hotels had been flooded and more than 30 tourist sites damaged.

One owner of a family-run hotel told Xinhua that the guest rooms were submerged in one metre (three feet) of rainwater.

The extreme weather has dealt a hefty blow to the region's tourism sector, which is still reeling from the COVID-19 epidemic.

The emergency management ministry said there were direct economic losses of over 4 billion yuan (more than $550 million) from the flooding, Xinhua reported.

In Hunan Province, at least 13 people were killed in rain-triggered disasters, and another eight people are missing or killed in southwestern Guizhou province, according to the local emergency response departments, Xinhua said.

The heavy downpours began at the beginning of June and have led to "dangerously high water levels" in 110 rivers, Xinhua reported.

Further rainstorms are expected in the next few days across the south.

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