"The United States will withdraw from the Paris climate accord," Trump said to applause from the crowd gathered in the White House Rose Garden.
He added that the U.S. will begin negotiations to re-enter either the Paris accord or a new treaty on terms that are better for American businesses and taxpayers.
"So we're getting out, but we will start to negotiate and we will see if we can make a deal that's fair," he said.
Vice President Mike Pence praised Trump for keeping his campaign promises and abiding by his "America First" mantra. In talking points obtained by NBC News just before Trump's announcement, the White House argued the agreement was "negotiated poorly" and was too costly for the American people with few tangible gains.