US SB3523

Imposes a carbon border adjustment charge on imported goods and domestic production based on carbon intensity, starting at $60 per metric ton of CO2-equivalent in 2026, increasing annually by inflation plus 6 percentage points

Applies to carbon-intensive industries including petroleum extraction, steel, aluminum, cement, chemicals, glass, and paper manufacturing, with charges on both "covered primary goods" and "finished goods" containing those materials (effective 2028 for finished goods)

Establishes a declining "applicable percentage" threshold triggering charges, starting at 100% of baseline carbon intensity in 2026 and decreasing to 0% by 2048, requiring progressively cleaner production to avoid charges

Creates "carbon club" agreements allowing the President to negotiate preferential treatment for countries that adopt equivalent carbon pricing, emissions reporting standards, and labor protections

Appropriates $75 billion in fiscal year 2027 for grants, rebates, and loans supporting advanced industrial technology investments, plus $25 billion for international climate assistance through the State Department, with subsequent years funded by 25% of carbon charge revenues