@otfrom @cstross @graydon It's very much the case that China and the EU want an embedded CO2 tariff as a way of preventing the US from using older plants with a lower marginal cost of production from undercutting newer zero-CO2 plants which are still paying down their loans for the construction.
Not all zero-carbon industrial capital goods are as fortunate as electricity generation with the zero-carbon plant costing less to buy than the four-year running cost of the carbon-emitting plants. There's real pain involved in moving steel production to be zero-carbon.
When the timing is right, China and the EU will do a deal on a revised international trading system. India is a little further behind decarbonisation, but China will be looking for somewhere to sell its solar and wind goods once the Chinese market is mostly satisfied, so it wouldn't shock me if decarbonisation in India was astonishingly fast, maybe 15 years.