Goodbye Paris—Hello Syria, Nicaragua
U.S. President Donald Trump has announced that the U.S. will leave the Paris Agreement on climate change. This aligns the U.S.—on this particular playing field--with two other countries, Syria and Nicaragua, outside the agreement. Odd fellows, indeed. As a reason for withdrawing from the agreement, Trump said that it aimed to hobble, disadvantage and impoverish the U.S., citing the cost of $3 trillion in lost GDP and 6.5 million jobs. He also stressed that rival economies such as China and India were treated more favorably. Though Trump said he was not unwilling to negotiate more favorable terms for the U.S., everything remains uncertain. Key signatories to the accord have ruled out any negotiations. In December 2015, United States and 187 other countries signed onto the 2015 agreement to curb carbon emissions worldwide, including the world’s top polluters – China, Russia and India. As its commitment, the Obama administration set the goal of reducing greenhouse gas emissions by 26% to 28% by 2025. Obama signed an executive order confirming the adoption of the agreement, but did not submit it to Congress for approval, leaving the door open for Trump to withdraw.
Saudi Cuts in Crude Exports to U.S., Not Really Game-Changing
Saudi Arabia is cutting its crude oil exports to the U.S. in a bid to swing the market into a more optimistic mood in the aftermath of the OPEC oil production cut extension, which…