‘Toothless’ sanctions
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To address the threat of climate change and reduce carbon emissions, many business leaders, economists, and policymakers–including prominent Republicans–have pushed for a carbon tax in the United States.
On a new episode of Columbia Energy Exchange, host Jason Bordoff sits down with Glenn Hubbard, the Dean of Columbia Business School, to understand how a carbon tax might be designed and what effects it would have on the U.S. economy and business. Glenn and Jason also discuss the outlook for the U.S. economy, President Trump’s tax reforms and tariffs on solar, steel and aluminum, as well as the role of business to mitigate climate change and how companies will address their exposure to climate risk.
Glenn has been a Columbia faculty member since 1988. In addition to his role as Dean, he currently serves as Russell L. Carson Professor of Finance and Economics. He was previously Chairman of the U.S. Council of Economic Advisers under President George W. Bush where he was instrumental in drafting President Bush’s tax plan. Glenn has also served as Deputy Assistant Secretary at the U.S. Department of the Treasury and he chaired the Economic Policy Committee of the OECD.
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Last month, the Trump administration imposed fresh sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, signaling a renewed desire to drive Moscow to the negotiating table in its war against Ukraine. But although these measures have the potential to harm the Russian economy, just how much damage they inflict will depend largely on one actor: Beijing. China bought almost half the oil Russia exported in 2024, evading Washington’s existing restrictions in the process. And new sanctions alone will do little to push China into significantly reducing its purchases.
Connecticut needs an honest debate, and fresh thinking, to shape a climate strategy fit for today, not 2022.
President Donald Trump’s impulsive, go-it-alone approach is uniquely ill-suited to the long-term and cross-cutting nature of the challenge that China poses.