EU New Trade War With China !
#geopolitics #chinaEU #chinanews #economiccrisis #politicalnews #tradewars #tradesanctions #sanctions

Note: the statement said Ocober 1st o this year means October 1st of 2023

Description:

The European Parliament approved the implementation of the Carbon Border Adjustment Mechanism (CBAM) as part of the EU's "Fit for 55 in 2030 package" to curb greenhouse gas emissions by 55% before 2030. CBAM imposes carbon tariffs on imported commodities to level the playing field in carbon-intensive sectors. While the first phase started in October, China opposes CBAM, anticipating trade disruptions, especially in the steel sector. The exclusion of transport-related emissions favors U.S. products over Chinese and Russian counterparts. CBAM's impact extends to Least Developed Countries (LDCs), raising concerns about disproportionate effects on weaker economies. However, skepticism persists about CBAM's effectiveness, with studies showing marginal global emission reduction and skewed benefits favoring developed nations.

Tags:

Carbon Border Adjustment Mechanism (CBAM)
EU Environmental Legislation
Greenhouse Gas Emissions
Trade Dynamics,
Carbon Tariffs,
Global Trade Relations,
China-EU Relations,
Steel Industry,
Developing Countries,
Least Developed Countries (LDCs)
Global Emission Reduction
Trade Disruptions
International Trade
Fit for 55 in 2030
European Parliament
Trade Tensions
UNCTAD Report
Paradigm Shift in Trade

EU Carbon Tax, Global Trade Dynamics,
China-EU Trade Relations,
Carbon Intensive Industries, Developing Countries Concerns,
Climate Policy Impact,
Greenhouse Gas Emissions Reduction,

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