President Donald Trump has announced that he has decided to withdraw the U.S. from the Paris climate accord.

Trump said in a statement today that he wants to “begin negotiations to reenter either the Paris accord or an entirely new transaction on terms that are fair to the United States.” So it’s not a complete abandonment of the accord, but an effort to try and make a new deal that is better for the U.S.

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Trump announced that the U.S. will immediately “cease all implementation” of the non-binding portions of the accord, including ending the contributions to the Green Climate Fund. Trump called it a plan to redistribute U.S. wealth to other countries. President Trump’s plan is to negotiate a deal that the administration feels is fairer to Americans.

So what does this mean for the Paris accord? That’s not entirely clear yet. China and the European Union have hinted that they will go forward with the deal, U.S. participation or not. It’s not yet clear if they will accept a renegotiation, or what a new deal could look like. But it will impact some of the developing nations who need the $100 billion per year that was to be disbursed to them as part of the accord. Those countries were counting on the funds to help them meet their own climate change goals. If the U.S. doesn’t rejoin with a new deal, it could harm the relationship between the 194 countries remaining in the accord and the United States.

What does it mean for the U.S.? Leaving the accord doesn’t mean that the U.S. won’t end up meeting their climate targets anyway. States like California have said that they may institute their own environmental restrictions, and the economy has already begun the move from high-carbon energy like coal to cleaner natural gas, wind, and solar. Even consumers are helping, by purchasing more fuel-efficient, hybrid, and electric vehicles. President Trump says that not accepting the current accord will increase U.S. growth and provide more jobs.