The president met with Secretary of State Rex Tillerson in Washington on Wednesday afternoon, and some news outlets reported that the White House was completing legal language related to an impending US withdrawal.
But Cohn, Trump's chief White House economic adviser, told reporters during the trip overseas that the president's views on climate change were "evolving" following the discussions with European leaders.
Chinese Premier Li Keqiang has underlined China's commitment to the Paris Climate Agreement, in Brussels on Tuesday. But on Wednesday, U.S. coal company shares fell alongside renewable energy stocks following reports that Trump would pull out. Under the accord, participating nations agreed to voluntarily reduce their greenhouse gas emissions to combat climate change.
Abandoning the pact would isolate the USA from a raft of worldwide allies who spent years negotiating the 2015 agreement to fight global warming and pollution by reducing carbon emissions. It wants to achieve that making attempts to keep a global temperature rise in 21st Century below 2 degrees Celsius above pre-industrial levels. In a worst-case scenario, the move would discourage developing nations from taking further steps to limit emissions, potentially hampering efforts to reduce emissions before unsafe temperature increases are locked in. The ad said that climate change is both a "business risk" and a "business opportunity", and said continued participation in Paris will actually benefit the US economy and job growth.
"By expanding markets for innovative clean technologies, the agreement generates jobs and economic growth", the letter says.
Word of a possible US pullout from the agreement prompted derisive howls in the European Parliament on May 31.
Paris Agreement also has a provision of global stocktake every five years to assess the collective progress.
It's an open question whether the United States will hit its Paris emissions target with or without the agreement.
The threshold for entry into the agreement was achieved on October 5, 2016. So far, 147 out of the total 197 parties to the Paris Convention have ratified the Agreement, according to UNFCC.
Of course, Li is referencing an infamous tweet that Trump made in 2012, charging that global warming was a hoax that had been created by the Chinese.
New Mexico's two USA senators - Democrats Tom Udall and Martin Heinrich - both supported the US joining the Paris Agreement in 2015, and both senators said Tuesday that they would strongly oppose Trump's decision to withdraw from it. However, the efforts to persuade Trump failed. German Chancellor Merkel said it was "very unsatisfactory".
Trump promised during his presidential campaign to pull the US out of the deal. In addition, states like California have pledged to pick up the slack if Trump withdraws by instituting their own environmental restrictions.
"There is a much stronger expectation from our partners across the world, from Africa, Asia and China, that Europe should assume leadership in this effort and we are ready to do that", Sefcovic added.
China overtook the United States as the world's biggest emitter of greenhouse gases in 2007.
According to United States senators, leaving the climate pact would result in strengthening India and China's economy at the cost of America. However, India PM Modi has assured India's participation for the global cause.