On Octоber 1, 2023, the Eurоpeаn Uniоn lаunched the first phаse of the Carbon Border Adjustment Mechanism (CBAM) – the world's first system to impose CO2 emissions tariffs on imported steel, cement and other goods – as it tries to stop more polluting foreign products from undermining its green transition. The CBAM definitive period started on January 1st, 2026. According to the Taxation and Customs Union of the European Commission website, Climate change is a global problem that needs global solutions. As the EU raises its own climate ambition, and as long as less stringent climate policies prevail in many non-EU countries, there is a risk of so-called ‘carbon leakage'. Carbon leakage occurs when companies based in the EU move carbon-intensive production abroad to countries where less stringent climate policies are in place than in the EU, or when EU products get replaced by more carbon-intensive imports. CBAM is a system to confirm that a price has been paid for the embedded carbon emissions generated in the production of certain goods imported into the EU. This ensures that: the carbon price of imports is equivalent to the carbon price of domestic production; the EU's climate objectives are not undermined. CBAM is designed to be compatible with WTO rules. Source: https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en Given this background, please provide a critical assessment of the CBAM. Do you agree with the goals of the mechanism? What should the U.S. position be regarding CBAM? Should the U.S. implement a similar program and place tariffs on imports from countries with no carbon taxes?