EU makes breakthrough on climate-protection import tax

BRUSSELS (AP) — The European Union has moved closer to pushing through an unprecedented tax on foreign companies that want to import products that do not meet climate-protection standards that EU companies have to comply with. The Carbon Border Adjustment Mechanism seeks to create a competitive level playing field after EU companies complained that they had to incur high costs to meet climate targets while international competitors could simply import their goods without such constraints. It could price local producers out of the market. The agreement between the EU parliament and the 27 member states still stopped short of a full deal, but brought the implementation of the system within striking distance.