President Donald Trump on his first day in office again withdrew the U.S. from a landmark global pact to fight climate change. So what is the Paris Agreement? And what happens to it now?

Paris climate agreement is not the boogeyman that punishes the United States that critics such as President Donald Trump claim. But it hasn’t quite kept the world from overheating either. The Paris agreement is a mostly voluntary climate pact originally written in ways that would both try to reduce warming and withstand the changing political winds in the United States.

Big U.S. oil companies believe Trump's withdrawal only limits Washington's ability to influence an ongoing global energy transition and exposes them to an uneven regulatory environment.

EU trade chief Maroš Šefčovič extended an olive branch to Washington on Wednesday, two days after the U.S. president was sworn in. He told POLITICO that Brussels was ready to talk with the new Washington administration — despite the repeated threats that Trump has made to hit the 27-nation bloc with tariffs.

U.S. President Donald Trump has promised to address a longstanding trade deficit with the European Union, saying he will reverse that by imposing tariffs or making the EU buy more U.S. oil and gas.

The European Commission has rejected US President Donald Trump's claims that the United States runs a trade deficit of $350 billion with the European Union. A commission spokesman said the $350-billion deficit does not exist and that the US and the EU have complementary strengths.