US, EU Weigh Climate-Based Tariffs on Chinese Steel and Aluminum
- US officials to propose tariff levels for polluting countries
- New framework designed to address carbon output, overcapacity
Workers prepare to lift a bundle of steel reinforcing bars in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The US and European Union are weighing new tariffs on Chinese steel and aluminum as part of a bid to fight carbon emissions and global overcapacity, according to people familiar with the matter.
The move would mark a novel approach, as the US and EU would seek to use tariffs -- usually employed in trade disputes -- to further their climate agenda. US aluminum and steel producers climbed in extended trading, while in Hong Kong, Aluminum Corp. of China and China Hongqiao Group Ltd. slipped.