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European Parliament Backs Broader Carbon Border Tax

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The European Parliament approved legislation to tax imports based on the greenhouse gases emitted to make them, a plan that is sending shudders through the global trading system.The legislation backed by the parliament on Wednesday broadens a previous proposal for the tariff to include some chemical makers.

It also sets a faster timeline for implementation than the earlier proposal, which was drafted by the European Commission, the European Union’s executive arm.

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