More likely, China would tell us to take a hike — like it did with the EU and its airline carbon tax.
“Passing national climate legislation would remove one of the most potent excuses the Chinese have not to do more. American diplomats such as Mr. Kerry would be able to apply pressure without remaining open to charges of American hypocrisy. Sticks as well as carrots would be available. If Congress enacted a carbon tax, lawmakers could include a border adjustment on imports from countries that lack comparable policy.” [Washington Post]
“If Congress enacted a carbon tax, lawmakers could include a border adjustment on imports from countries that lack comparable policy.”
We could call it “Smoot-Hawley,” and turn a recession into a depression.