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The EU's CBAM, designed to address carbon leakage, has unintentionally hurt domestic exporters as well. EU officials recently indicated that they would assist exporters in coping with the impact.

Since 2015, Vietnam has been the leading producer and consumer of finished steel products in the ASEAN region. However, with the European Union's imminent imposition of carbon tariffs, local industry players admit that it is "impossible" for the country's

EU launched the first phase of the world's first system to impose CO2 emissions tariffs on imported steel, cement, and other goods as it tries to stop more polluting foreign products from impeding its green transition.

India intends to file a complaint to the WTO over the EU's proposal to impose a 20% to 35% levy on carbon-intensive imports such as steel, iron ore, and cement from India, according to top government and industry sources.

The European Parliament approved on April 18 as many as three pieces of legislation from its landmark Fit for 55 package, which aims to reduce greenhouse gas emissions by 55% by 2030.

The European Union took a step forward to imposing a carbon tax on imports of energy-intensive goods such as steel and cement after striking a deal with EU members on Tuesday.