EXECUTIVE SUMMARY 1
INTRODUCTION 2
WHAT IS (AND ISN’T) A CBAM? 2
IT IS DIFFICULT TO JUSTIFY A CBAM 3
THE EU'S CBAM AIMS FOR  —AND MISSES—CARBON NEUTRALITY 7
US PROPOSALS TARGETING IMPORTS AND CARBON EMISSIONS 9
FREER ECONOMIES ARE CLEANER ECONOMIES 14
POLICY RECOMMENDATIONS 16
CONCLUSION 17
APPENDIX 17
NOTES 20