The world's first carbon import tax is reshaping global trade in unexpected ways. Well-resourced European importers are turning the complexity of the EU's Carbon Border Adjustment Mechanism into a business advantage by absorbing carbon risk for customers who prefer a simple, all-in price. At the same time, countries outside Europe are being pushed to develop their own carbon markets to keep tax revenue at home. Suppliers in developing economies face urgent pressure to upgrade data systems to meet the new reporting demands.