As the European Union and the United States are advancing major pieces of climate legislation, the list of agenda items for transatlantic cooperation at the intersection of climate and trade policy is growing ever longer: The German G7 presidency has put forward a proposal for an inclusive international climate club; European Commission and USTR officials have embarked on negotiating a 'Global Steel Arrangement addressing carbon intensity' under the Damocles sword of a paused transatlantic trade war; and WTO subsidy rules are signaling trouble for the rollout of EU and US climate policies.
What is the scope for transatlantic cooperation on CBAM legislation? Is there a benefit to the formation of an exclusive transatlantic or open international climate club? Should the European Union and the United States spearhead an initiative to revise WTO subsidy rules to provide legal shelter for 'green' subsidies, or, alternatively, negotiate a transatlantic 'climate peace clause' for WTO dispute settlement? What are the challenges ahead and in which fora would they be most effectively addressed?
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