The European Union has long been known as a collection of bad ideas. On brand, it has decided to become the creator of the world’s largest and most complicated carbon-pricing system. Setting aside the absurdity of going to war with life’s essential building block, the European Union’s Carbon Border Adjustment Mechanism promises to disrupt global supply chains, create significant trade problems, and inspire other nations – such as Australia – to join in.
Complex border taxes on carbon will severely interfere with the importation of aluminium, cement, non ‘organic’ fertilisers, energy, and iron/steel products into the European Union, with only ‘authorised...
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