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Illustration: Aïda Amer/Axios

The U.S. started the one-year clock this week to formally abandon the Paris climate deal.

One big question: Will the U.S. move affect other big polluters' climate efforts, especially as new national pledges under the pact come due next year?

  • Andrew Light of the World Resources Institute says the U.S. was a key player in getting other nations to put up meaningful pledges in the first round a half-decade ago.
  • The question now, he tells me, is to what extent other nations step forward and fill that role as countries craft their updated submissions.

Where it stands: The federal posture going forward depends on the 2020 election outcome. The NYT's Lisa Friedman reports that "supporters of the pact say they have to plan for a future without American cooperation."

Speaking of the election, every Democratic White House candidate has pledged to re-enter the pact, which can happen relatively fast under its rules.

  • One thing to watch, however, is if President Trump's move shakes loose how exactly the candidates would write the updated U.S. pledge (called a "nationally determined contribution").
  • The next U.S. target would extend through 2030, and Light says what's important is not only the targeted emissions-cutting level. “The next president is going to have to not only articulate a number, but explain how they can do this," he said.

The intrigue: Trump's rejection of Paris puts him at least rhetorically at odds with some major corporate interests.

  • But for all the chatter about K Street splitting with Trump on climate, two key groups — the U.S. Chamber of Commerce and the Business Roundtable — kept a low profile yesterday.

What they're saying: If you asked the Chamber, you got this statement: "The Chamber supports U.S. participation in the Paris Agreement because greater collaboration between governments and businesses is essential to tackling the climate challenge."

  • It notes that they're an observer at UN climate talks and will keep working with overseas business partners on the matter.
  • The Business Roundtable, in response to a query, said: "Whether or not the U.S. is participating in this international agreement, Business Roundtable supports actions designed to address risks associated with the changing climate."

Go deeper: Trump begins formal withdrawal from Paris Climate Agreement

Go deeper

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
1 hour ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.

3 hours ago - World

Soldiers seize power in Burkina Faso as global coup surge continues

Mutinous soldiers in Burkina Faso declared on state television Monday that they had deposed the government, closed the borders and taken control of the country. President Roch Marc Christian Kaboré has reportedly been arrested.

The big picture: This would be the third successful military coup in west Africa in eight months, after juntas took power last year in Guinea and in neighboring Mali.