Investor’s Business Daily: Major cap and trade climate legislation unveiled this week might be better described as a cap on trade. The House measure includes potentially far-reaching measures to subsidize domestic industry and impose tariffs on foreign goods. The bill, sponsored by Reps. Henry Waxman, D-Calif., and Ed Markey, D-Mass., would cut U.S. carbon emissions by requiring companies to have permits that let them release greenhouse gases. Many U.S. manufacturers fear such costs would give a …