European Union map [image credit: Wikipedia]

Call it the Grim New Deal. Everyone must dance to the EU’s climate-obsessive tune – they wish – or pay trade penalties. But opposition is already mounting.
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Europe’s Green Deal and its planned carbon border tax are in serious trouble as the Biden administration raises concerns about its potentially disastrous fallout on international trade and relations, says The GWPF.

According to the European Commission the EU’s Green Deal and its 2050 Net Zero target are threatening the very survival of Europe’s industries unless a carbon border tax is enforced upon countries that are not adopting the same expensive Net Zero policies.

It’s a matter of survival of our industry. So if others will not move in the same direction, we will have to protect the European Union against distortion of competition and against the risk of carbon leakage,” European Commission executive vice-president Frans Timmermans warned in January.

On Wednesday, the European Parliament endorsed the creation of a carbon border tax that is planned to protect EU companies against cheaper imports from countries with weaker climate policies.

However, it would appear that the Biden administration is getting cold feet about the protectionist agenda and its potentially devastating impact of world trade, throwing a spanner in the EU’s plans.

John Kerry, Joe Biden’s climate envoy, has warned the EU that a carbon border tax should be a “last resort,” telling the Financial Times that he was “concerned” about Brussels’ forthcoming plans.

Continued here.

via Tallbloke’s Talkshop

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March 13, 2021 at 05:51AM