US, EU Mull Climate-Based Tariffs Aimed at Chinese Metals (3)
By Jenny Leonard, Alberto Nardelli and Jorge Valero
Dec. 6, 2022, 7:49 AM
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.
The idea, generated within President Joe Biden’s administration, is still in an initial ...