EU's Proposed Carbon Tax on Imports Sparks International Controversy at COP28

The European Union's plan to impose a carbon tax on emissions from imports has sparked debate at the United Nations climate conference in Dubai. Developing countries are concerned that such tariffs will harm their economies and make trading with the EU too expensive. The EU aims to reduce emissions from imports and create a level-playing field for goods produced within the bloc. However, a recent study suggests that poorer countries could lose up to $5.9 billion, while rich countries could make $2.5 billion from the tax. Other countries, including the UK, Canada, and the US, are considering similar measures.