EU ‘inviting disaster’ by imposing carbon tax on steel, says Goyal

BERLIN: (Oct 22) The European Union (EU) is “inviting disaster” by imposing a carbon tax on its steel products, Commerce and Industry Minister Piyush Goyal said here on Thursday.

Participating in the Berlin Global Dialogue, he also said the EU is “shooting” themselves in their own feet by bringing in more and more regulations, restrictions on themselves, and closing their borders, something which actually helped them become a developed set of nations.

“You put a CBAM (Carbon Border Adjustment Mechanism) on yourself. You put a 50 per cent import duty to bring steel into your country. You’re inviting disaster. Your cost of living will go up,” he said.