Skip to content 
Search

Latest Stories

European Union will tackle India's concerns on carbon tax, official says

Last month, the 27-nation bloc approved the world’s first plan to impose a levy on imports of high-carbon goods from 2026

European Union will tackle India's concerns on carbon tax, official says

The European Union has assured New Delhi it will hold two-way talks to tackle its concerns over tariffs proposed on imports of high-carbon goods such as steel and iron ore from India, the bloc's climate policy chief said on Friday (26).

Last month, the 27-nation EU approved the world's first plan to impose from 2026 a levy on imports of high-carbon goods ranging from aluminium and cement to power, fertilisers and hydrogen, aiming to reach net zero greenhouse emissions by 2050.

Indian industry officials estimate that nearly $8 billion of exports such as steel and iron ore would face tariffs initially, but all goods exported to the EU will be covered by 2034.

The EU official, Frans Timmermans, said he was confident the issue would be resolved bilaterally and it was too early to worry about the impact of penalties on exports from India.

"If CBAM has undesired results then we can correct it," the climate policy chief, who is on a two-day visit to India, told reporters after meeting industry leaders and government officials the previous day.

He was referring to the Carbon Border Adjustment Mechanism (CBAM) through which the EU plans to impose the steep tariffs, which range from 20 per cent to 35 per cent.

The move prompted India to warn it would complain to the World Trade Organisation while seeking to resolve the issue through talks.

Both sides would study the effects of the new mechanism during a scrutiny period for exporters from December, Timmermans added.

"It is absolutely not our intention to create a situation that could be perceived as protectionist," he said, ruling out any violations of WTO rules.

Earlier, industry leaders queried the EU climate chief on relaxation of rules for small exporters and the prospect of "technology transfer" to achieve climate goals.

(Reuters)

More For You

LET Mining: The world's leading cloud mining platform, the best way to earn passive income

LET Mining: The world's leading cloud mining platform, the best way to earn passive income

Today, as the digital economy continues to evolve, passive income is no longer a wealth tool exclusive to the rich, but something that everyone can touch and participate in. With the integration of blockchain technology and green energy, LET Mining is providing global users with a new way of passive income: no operation, zero technical threshold, and daily income.

What is LET Mining?

LET Mining is an innovative cloud mining service platform that simplifies the complex cryptocurrency mining process into a few simple steps through cloud computing technology, allowing ordinary users to easily participate in digital currency mining and obtain stable passive income without purchasing expensive hardware equipment or mastering professional technical knowledge.

Keep ReadingShow less
JLR Tata

A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England.

JLR Q1 sales dip as US tariffs hit exports

Jaguar Land Rover (JLR) reported a 10.7 per cent drop in sales for the April–June quarter, as a temporary pause in shipments to the United States and the phase-out of Jaguar’s legacy models weighed on volumes.

The company, owned by India’s Tata Motors, sold 87,286 units to dealers worldwide during the quarter, compared to 97,755 units in the same period last year.

Keep ReadingShow less
Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less