Editorial: EU ETS won’t fly, but nor will a trade war

To be clear, the European Union Emissions Trading Scheme (EU ETS) is a foolhardy plan, even by the general standard of aviation taxation schemes. How the European Commission (EC) can honestly believe that nations like China, India and Russia will cave in to such a blatantly extra-territorial imposition, wielded without even the pretense of having gained international consensus, is extraordinary. And even if it quietly acknowledges to itself that the US is unlikely to back down by the ...