“The agreement is a massive redistribution of the United States’ wealth to other countries,” Trump said. “As of today, the United States will cease all implementation of the nonbinding Paris accord and the draconian financial and economic burdens [it] imposes on our country.” This includes making further payments to the Green Climate Fund, set up to help developing countries battle and cope with climate change. The United States has already paid $1 billion of the $3 billion it pledged to the fund.
Trump did leave the door open to reentering the Paris accord under revised terms or signing an entirely new climate agreement.