There is a real danger that the world’s first carbon tariffs could be added to the $3.5 trillion spending bill making its way through Congress. If enacted, these tariffs would tax goods imported from countries that do not have the same environmental standards on carbon emissions as the United States. They are bound to impose huge costs on the economy — but for no environmental benefit.

The timing is terrible. Inflation is at its highest level since the 2008 financial crisis. The previous administration already enacted tariffs on hundreds of billions of dollars of goods, and then the COVID-19 pandemic disrupted supply networks that are still adapting. Altogether, that’s caused record prices for goods such as houses and cars.