Tag: tariffs

The European Union (EU) countries decided to impose the world’s first CO2 emissions tariff on imports of polluting goods. Starting from 2020, the EU had introduced greenhouse gas emissions costs on imports of steel, cement, fertilizers, aluminium and electricity. The finer details of the plan aren't yet finalized, which can be figured out in future negotiations. The aim of imposing this tariff is to shield the EU industry because the European market is flooded by cheaper goods made in countries with weak environmental rules. According to the EU, this carbon border tariff is a trial to make a grade playing field by imposing the identical carbonic acid gas costs on EU companies and people abroad. EU held that this move will avoid any carbon leakage and can also encourage part...