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Does Anyone Understand the Democrats' Mind-Bendingly Complicated Carbon Tariff Bill?

Posted On: Oct 26, 2021   |   Posted By: The New Republic

In the past week, the United States and Europe have tossed a once-obscure climate policy into the spotlight: carbon tariffs, or “border adjustment mechanisms,” as they're called. Last week, politicians in Brussels unveiled a 291-page proposal to levy a fee on carbon-intensive imports. And on Monday in the U.S., Democratic Senator Chris Coons and Representative Scott Peters unveiled a 19-page bill for a border carbon tax, which could funnel revenue toward an infrastructure package. Climate groups have long advocated for some means to prevent carbon dumping, i.e., allowing companies to produce goods in countries with more lax environmental standards and ship them back cheaply. They've also pushed for policymakers to start accounting for the stunning amount of emissions from trade. Steel alone could eat up 50 percent of available carbon budgets by 2050, and the carbon embodied in goods imported to the U.S. now equals the total emissions of all our factories. “Corporations might think twice about outsourcing to...

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