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Democrats’ gambit to impose a fee on imports of carbon-intensive goods is being met with a split reaction among business interests that stand to benefit or suffer from a new form of protectionist trade policy linked to addressing climate change.
Sen. Chris Coons of Delaware and Rep. Scott Peters of California say their legislation, introduced on July 19, is intended to protect the competitiveness of U.S. industries exposed to domestic climate rules, and that could be further strained as the Biden administration develops more aggressive policies.
It would force companies abroad that are not subject to strict environmental rules and want to sell commodities to the United States to pay a price for each ton of carbon dioxide they emit in making their products, which would remove any competitive advantage they might otherwise have.