U.S. President Donald Trump says withdrawing the country from the Paris climate accord would stave off an economic crisis and protect American jobs - but many American companies seem to disagree. Kate King reports on how companies from Wall St to Silicone Valley have reacted.
Until now U.S. business magnate Elon Musk was willing to work with President Trump, despite their well documented differences But it seems the President's decison to pull out of the Paris Climate Change agreement was the last straw. Musk has quit two White House business advisory boards in protest And he's not the only one. Walt Disney CEO Bob Igor also tweeting his resignation. SOUNDBITE (English) CMC MARKETS, MARKET ANALYST, MICHAEL HEWSON, SAYING: "The optics of this don't look particularly good. But ultimately in pulling out of these climate accords the effects of it aren't really going to be seen until 2020 when the president comes up for re-election. So actually in terms of delivering this in terms of how it plays with his electoral base this is a fairly low risk scenario for President Trump." The decision has won the President some friends Mainly the US coal lobby Trump argues the deal would cost the U.S. economy trillions of dollars without tangible benefits Critics say it will hurt US companies' ability to work abroad and inhibit innovation Some of the biggest world's firms reacted with dismay Even those who have a lot of skin in the game. BP's statement urged Trump to continue to address global climate change Unsurprisingly oil stocks climbed on Thursday as did the overall market, with the decision already factored in by many investors SOUNDBITE (English) CMC MARKETS, MARKET ANALYST, MICHAEL HEWSON, SAYING: "I think it's no different to the way markets have reacted over the last six to seven months. Ultimately they're used to the fact that the new U.S. president plays by his own rules." Apple, Pepsi, Mars,Walmart and Google among others to issue statements reaffirimg their commitment to tackling climate change. Trump says he's willing to renegotiate the deal under different terms But an 'America First' policy - is unlikely to go down well with the rest of the world