Commerce and Industry Minister Piyush Goyal said at the Berlin Global Dialogue that the EU is “inviting disaster” with its carbon border tax (CBAM) on steel, which he said would raise infrastructure costs and the cost of living. He argued that the EU's 75-77 regulations and a 50% import duty on steel make its industry uncompetitive and could create non-tariff barriers for trade partners. Under CBAM, Indian steel, aluminium and cement exports to the EU could face tariffs of 20-35%. Goyal said India accounts for only 3-3.5% of global carbon emissions while supporting 17% of the world's population, and that its per capita emissions are 7-8 times lower than those of Western nations. He added that CBAM does not recognise the principle of common but differentiated responsibilities.
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tariffsEuropeIndiaexportssteel
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Related tickers and likely impact
HPG
• NeutralHoa Phat Group
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Basic Resources |
| Industry | Steel |
| Market cap | 179,413 bn VND |
| P/E | 7.7 |
| P/B | 1.28 |
| Close on 10/22/2026 | 21.25 |
| Change that session | +0.47% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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