U.S.-EU Steel Tariff Deal May Set Path For Broader Global ‘Carbon Club’

The Biden administration’s agreement with the European Union (EU) to set aside Trump-era tariffs on steel and aluminum imports in favor of limiting carbon intensity, as way of addressing excess capacity, could lead to a “Carbon Club” that would eventually include Japan, and even China, according to an EU official. The “idea behind” the U.S.-EU agreement is whether a carbon club could be developed, European Commission Directorate General for Climate Action Jos Delbeke said last week, adding “I think that's...