EU Nations Agree Stance on Carbon Border Tax Expansion

European Union governments agreed a common position on a proposal to expand Carbon Border Adjustment Mechanism to cover assembled products.

• Finance ministers in the EU Council reached a deal at a meeting in Luxembourg on Friday on their stance for negotiations with the European Parliament about the final shape of the law
• NOTE: Commission proposed in December extending the CBAM to also cover assembled products, including car parts and washing machines, and close loopholes that could allow companies to circumvent the charge
• “In its agreed position, the Council has refined the list of new products to which the CBAM would ...