U.S. floats new steel, aluminum tariffs based on carbon...

U.S. floats new steel, aluminum tariffs based on carbon emissions | Reuters



U.S. officials are proposing to levy tariffs on steel and aluminum based on how much carbon the producing country's industries emit, in a bid to fight climate change and "dirty" metals made in China and elsewhere, two people familiar with the plan said on Wednesday.

Countries that are members of the "global arrangement" with emissions exceeding these standards would pay higher tariffs when exporting metals to countries with lower emissions, according to the document. Countries with steel and aluminum plant emissions at or below those of the importing country would pay no carbon-based tariffs."

What do you think this is going to do to steel makers in china? Not only will they get taxed by their government for emitting carbon, but taxed AGAIN when their product is received by their client. At this rate, steel produced by high grade magnetite will be cheaper than dirty steel. Perfect.