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EU ‘Inviting Disaster’ with Carbon Tax on Steel, Says Piyush Goyal - The Tribune

  • On Thursday, Commerce and Industry Minister Piyush Goyal warned that the European Union is "inviting disaster" by imposing a carbon tax on steel during the Berlin Global Dialogue.
  • Goyal claimed the European Union is creating artificial boundaries through the Carbon Border Adjustment Mechanism , imposing over 75 regulations that he argued undermine European industry competitiveness.
  • "Your cost of living will go up," Goyal said, citing new duties on steel and aluminium, while Germany's auto industry sales have dropped 15 to 20% over the last decade.
  • India intends to trade with nations like Singapore that lack carbon restrictions, as Goyal noted India supports 17% of the world's population while contributing only 3-3.5% of carbon emissions.
  • Cautioning that the world is now reciprocal, Goyal warned restrictive regulations hinder international cooperation and may ultimately "outprice" the European Union's own industries in global markets.
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Live Mint broke the news in New Delhi, India on Thursday, October 22, 2026.
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