Climate change could cost US 'hundreds of billions' a year: study

US President Donald Trump dismissed last year's report. [Photo: Courtesy]

Climate change is already hurting the global economy and will cost the US hundreds of billions of dollars annually unless drastic action is taken to cut carbon emissions, a major US government report warned on Friday.

"Without substantial and sustained global mitigation and regional adaptation efforts, climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth over this century," said the Fourth National Climate Assessment, Volume II, a congressionally mandated report that spans more than 1,000 pages.

"The impacts of climate change beyond our borders are expected to increasingly affect our trade and economy, including import and export prices and US businesses with overseas operations and supply chains."

US President Donald Trump dismissed last year's report, and just this week appeared to confuse weather with climate change when he tweeted: "Brutal and Extended Cold Blast could shatter ALL RECORDS - Whatever happened to Global Warming?"