FT reports that China is pissed at O's administration for our Cap and Trade policies. Go freaking figure. They are not only bad for us here but will really screw the rest of the world. Maybe this is part of the master plan. Tax the world to death! That is our democratic leadership for you. We'll come out of it eventually (a long time from now) smelling like a rose, but the rest of our trading partners will be crippled. SWEET!
In China joins carbon tax protest FT reports "Beijing on Friday joined a growing clamour of complaint about US plans for a carbon tax on imports from countries without their own emission caps, warning it could set off a global trade war.
The warning follows the passage of a cap-and-trade bill in the US House of Representatives last weekend, which contained tough provisions to impose carbon tariffs to ensure that American companies would not lose competitive advantage. A recent report by the World Trade Organisation and the UN said such taxes could in theory be crafted to be compatible with WTO law, but it would be hard to prove they were not an illegal disguised restriction on international trade."
Funny thing is that the world may come to save our ass on this one, but I doubt it. Our administration will find some idiotic way to ease the pain for our trade partners and increase the pain here in the US. This debate will be a good one to follow.