The Senate is currently working on its version of a cap-and-tax bill. This should scare the tar out of you ... John Kerry is helping write it. One thing that Kerry is trying to ooch out is a provision in the House's version of the bill that could spark a global trade war. How is that? Simple. The House wants to impose carbon taxes on imports to the United States. The reason: to protect American competitiveness against imports from countries without similar emissions regulations.
Gary Horlick, a prominent trade attorney in Washington, says, "If we re-interpret WTO rules to allow trade barriers based on how things are made, we open up a can of worms and might permit other countries to block our biotech exports, including major items such as corn, soybeans, and other crops." Not to mention the logical headache of trying to determine the carbon content of imports, particularly those that have passed through multiple countries.
Are you starting to get the picture here, folks? Did you even know that this provision was included in the House version of this cap-and-trade scam?