c. An unequal distribution of value-to-risk, disadvantages the economies which carry the risk. China knows this trick well
1. China is defeating the West now by fixing its tax and profit risk on its manufactured goods. All tax (because they tax on the 'net' and not the gross) and margin risk is shifted to the consuming nations. Eventually their mechanisms fail (the same as product dumping)
2. By having only certain nations carry the burden of value (carbon alleviation), we unfairly advantage China, and will create a new defacto super power and royalty class (Triads), who live under immunity privilege.
Before that, you worried that "[a]ll tax and margin risk is shifted to the consuming nations", but this has nothing to do with the fee and dividend scheme, which is internal to a country (but which, importantly, is revenue-neutral), not shifted from China to us. The fee and dividend scheme even stipulates that incoming carbon products are taxed at the border, so that China can't take advantage of the fact that we charge an internal tax (which, again, is revenue-neutral) to supply external tax-free products.