The European Commission on Wednesday unveiled a proposal to adopt a “carbon border adjustment mechanism.” This is a new charge on selected imports from countries that aren’t taking steps as aggressive as the EU’s to slash carbon dioxide emissions. If more emissions were generated in the process of manufacturing the imports than equivalent products made within the bloc, it would slap a carbon levy on them. This mechanism first targets aluminum, cement, fertilizer, power, steel and iron. The carbon border tax would be imposed in 2026 after a three-year transition beginning in 2023.
Democrats in the US included a similar […]
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