Commentary China is about to launch the world’s biggest emissions trading scheme, because China is the world’s biggest polluter. And, the scheme has three big, huge, truck-sized loopholes that will advantage China’s biggest pollution emitters. First, there will be no absolute caps on China’s emissions as in other trading programs. Second, the fine on Chinese companies that violate the rules is minuscule at under $5,000. Third, the cost of polluting in China will be about 10 times less than the cost of polluting in Europe. That means Chinese industries will have an advantage over their Western and allied counterparts, thus facilitating China’s deindustrializing of the democracies through offering cheaper (sometimes forced) labor, and lower environmental standards, against which democracies cannot compete on price. The low cost of China’s emissions, which are a minimal slap on the wrist, should be heightened through an increase in international tariffs imposed on the biggest …