"I will make my final decision on the Paris Accord next week", Trump tweeted.
Withdrawing from the climate accord would not necessarily be welcome among the wider business community.
The Paris agreement, which was first adopted by United Nations consensus agreement in 2015, sets specific goals for reducing climate impact resulting from greenhouse gases through worldwide co-operation. On Wednesday, Exxon shareholders voted to require the company to produce an annual report examining how the oil and gas giant will be impacted by efforts to reduce greenhouse gas emissions directed by the Paris agreement.
China and the European Union have forged a green alliance to combat climate change and counteract any retreat from global action by Donald Trump.
"The Paris agreement establishes the enduring framework the world needs to solve the climate crisis", Obama said, speaking from the White House.
"The EU and China are joining forces to forge ahead on the implementation of the Paris Agreement and accelerate the global transition to clean energy", EU climate commissioner Miguel Arias Canete said about the upcoming EU-China summit, stressing they remain committed to Paris. But a public letter sent to him last week by 22 Senate Republicans, led by Majority Leader Mitch McConnellMitch McConnellTrump to pull United States out of Paris climate deal: reports Trump's impatience with GOP grows The Hill's 12:30 Report MORE (R-Ky.), helped seal his decision.
The U.S.is the world's second-largest emitter of greenhouse gases, according to the EPA. As of May 2017, 147 parties have ratified the agreement, out of 195 who signed onto the accord.
Meanwhile, Democrats are urging Trump not to withdraw from the agreement. Senior adviser Jared Kushner generally thinks the deal is bad but would like to find a way to see if US emissions targets can be changed.
By withdrawing from Paris, the United States would be betting on a future in which climate change is going to go away, and that is one thing we are sure is not going to happen.
Mr Trump had tweeted he would make his mind up "next week!"
Rajoy and Modi agreed to boost bilateral cooperation in the field of combating climate change. Musk has come under fire for his proximity to the Trump administration - some people claimed they canceled their Tesla Model 3 orders because of his involvement in the councils.
The world absolutely can not afford a delay in mitigation, but there is sufficient global movement that the majority of countries, companies and people are committed to reduce emissions.
If the US were to withdraw, Hayhoe said it will make it that much harder to achieve the goal of the Paris agreement.
The agreement itself includes pillars that involve American data, including material from NASA and other US federal departments, and if the USA walks away Vaughan said there will be gaps to fill.
As a scientist who studies weather and climate every day, I think it's important to note that while this is an global agreement, there is no judge to impose any punishment or sanctions if any country decides not to participate.