The European Union has begun the process of introducing new taxes on imports of some petrochemicals and other products (such as cement) based on the carbon emissions associated with the particular product. Other major economies will follow suit, with the United Kingdom already beginning implementation of these taxes, called Carbon Border Adjustment Measures (or CBAMs). As the name suggests, the measures are aimed to address carbon leakage by adjusting the prices of commodities to ensue that producers do not avoid carbon taxes levied against domestic production in the importing market by offshoring production to jurisdictions without carbon pricing mechanisms.