EU ‘Inviting Disaster’ With Carbon Tax And Steel Curbs: Piyush Goyal
What Happened
Commerce Minister Piyush Goyal warned at the Berlin Global Dialogue 2026 that Europe’s Carbon Border Adjustment Mechanism (CBAM) and 50% duty on steel imports above applicable quotas could raise living costs and make European industries less competitive. Separately in Berlin, Goyal said India-Germany bilateral trade could grow roughly tenfold from around €31 billion to €310 billion, though he did not specify a timeline for reaching that level.
Key Takeaways
Goyal’s message was twofold: Europe risks hurting its own competitiveness through higher trade and carbon barriers, while deeper India-Germany cooperation could unlock significantly greater bilateral trade.