Leveling the Carbon Playing Field: International Competition and US Climate Policy Design

As the US Congress takes up domestic climate legislation and the administration reengages in multilateral climate negotiations, policymakers are particularly concerned about the effect of climate policy on US carbon-intensive manufacturing industries such as iron and steel, cement, paper, and chemicals. Many of these industries are already under pressure from foreign competition, particularly large emerging economies like China, India, and Brazil that are not bound to reduce emissions under...