The Paris agreement, which was first adopted by United Nations consensus agreement in 2015, sets specific goals for reducing climate impact resulting from greenhouse gases through global co-operation.
Several news media in the United States have reported that Mr Trump plans to ditch the Paris Agreement, which Barack Obama suggested might one day become viewed as the moment "we finally made a decision to save the planet".
Three, Trump is not a fan of the regulations and spending that the previous administration proposed to meet its goals, which he warns will reduce economic growth.
He has also had backlash against his business form anti-Trump customers because of his involvement with the White House.
Under the pact, virtually every nation voluntarily committed to combat climate change with steps aimed at curbing global emissions of "greenhouse" gases such as carbon dioxide generated from burning of fossil fuels that scientists blame for a warming planet, sea level rise, droughts and more frequent violent storms.
Mr Trump claimed before taking office that climate change was a "hoax" created by the Chinese to hurt the U.S. economy.
In a meaningful tweet, the United Nations (UN) also said, "Climate change is undeniable".
"By succumbing to pressure from administrator Scott Pruitt and other advisors, President Trump is ceding the future to the Germans, the Chinese, the Indians, and other nations rather than having the United States continue to lead the world on clean energy solutions", said democrat Ed Markey.
Responding to shouted questions from reporters in the White House Oval Office, Trump declined to say whether he had made up his mind, saying, "You'll find out very soon".
With White House sources indicating he's leaning toward an exit, here's what you need to know about the global effort and what Trump's decision could mean for the environment.
If President Donald Trump pulls the United States out of the global agreement to reduce carbon dioxide emissions, what could that mean for the rapidly heating Earth?
Mitt Romney, the 2012 Republican presidential nominee who Trump considered for secretary of state, said on Twitter that affirmation of the Paris agreement "is not only about the climate: It is also about America remaining the global leader".
Multiple sources confirmed to news agencies and United States broadcasters on Wednesday the decision of the American leader, who later posted on social media that he would make an announcement this week.
The Paris Agreement was in part brokered by Obama and was seen as a major breakthrough after the previous accord, the Kyoto protocol, failed to include the United States and China, the world's two biggest polluters. Climate action is unstoppable.
Trump's daughter, Ivanka, favors staying in, the official said, and has sought to ensure her father heard all sides in the debate.
India and Spain on Wednesday expressed their commitment to fighting climate change and reiterated their support for implementing the Kyoto and Paris accords. And the final decision may not be entirely clear-cut: Aides were still deliberating on "caveats in the language", one official said.
Trump promised during his 2016 campaign that he'd withdraw the USA from the deal.
The chancellor welcomed Li's announcement that China will stand by its obligations on climate, saying that China and Germany are partners in building a "rules based worldwide order".
In Trump's presidency, it can seem like nearly everything is up for negotiation, from long-held campaign trial promises to participation in global agreements to cut carbon emissions.
Former US president George W. Bush pulled out of the Kyoto Protocol, an worldwide treaty to curb green house gases emissions, when he came into the Oval Office in early 2001, saying the Protocol "would have wrecked our economy".