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The new framework is mainly aimed at China, the world’s biggest carbon emitter and producer of steel and aluminum, as well as other large polluting nations, sources say.
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US and EU consider tariffs to help save the planet. US stocks suffer surprise drop. Japan’s yen is poised for an impressive turnaround. Here’s what you need to know today.
The US and European Union are weighing new tariffs on Chinese steel and aluminum as part of a bid to fight carbon emissions. 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. The new framework is mainly aimed at China, the world’s biggest carbon emitter and producer of steel and aluminum, as well as other large polluting nations, sources say. But the plan would likely deepen divisions between Beijing and Washington.