Over in the Washington Examiner, I take a look at the carbon tariff proposal that will likely be in the $3.5 trillion spending bill Congress is putting together:
According to Democrats’ tariff plan, which emerged this week, roughly an eighth of U.S. imports would be taxed beginning in 2024,reportsthe New York Times. The tariff rates are meant to mimic what domestic producers pay to comply with U.S. environmental regulations. These numbers are subjective and difficult to calculate—which is music to lobbyists’ ears.
Affected goods would include oil, natural gas, coal, iron, steel, aluminum, and concrete—materials that go into making cars and houses, which are already at record-high prices. But other domestic industries, from lumber to agriculture, will likely spend significant sums lobbying to be included in the tariffs.
As I noted earlier, the idea is essentially Trump-style trade protectionism in green packaging. It would also have no measurable effect on climate change.
Read the whole thing here.