I think cap and trade has at least one major flaw: Unless every country is participating equally, activities that create a lot of CO2 will simply be outsourced

I think cap and trade has at least one major flaw: Unless every country is participating equally, activities that create a lot of CO2 will simply be outsourced to countries without the regulations. With CO2 emissions being a global problem, it may not help solve the problem very much at all (except maybe for things not worth outsourcing, or things that can't be outsourced like travel), while shifting revenue and jobs to different countries, which will then have a severe disincentive to ever considering joining the cap and trade game later.