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Q3 results 2026: On January 23, 2026, 54 Indian firms will report Q3 results, with significant players like Cipla and JSW Steel. Analysts predict a margin increase and a decline in provisions, but JSW Steel may experience reduced EBITDA due to market pressures. View More

European business groups have called for the EU to consider countermeasures in response to U.S. tariff threats. View More

Tariff tensions have cooled after Donald Trump went back on threats to impose levies on European countries, but the threat of them had business groups saying that the EU should consider retaliatory measures against his "blackmail."The EU has frozen its EU-US trade deal in response to Trump announcing plans to impose 10% tariffs on six EU nations, alongside the U.K. and Norway from Feb. 1 on Saturday. There were calls for the bloc to consider using its anti-coercion instrument (ACI), a set of measures that allow it to impose sweeping trade sanctions, before Trump announced a tariff climbdown on Wednesday evening."All EU trade defense instruments — including the Anti-Coercion Instrument (ACI) — must now be reviewed," Volker Treier, chief executive of foreign trade at the German Chamber of Commerce and Industry (DIHK), which represents nearly 4 million businesses, told CNBC on Wednesday afternoon. He added that the ACI should be a "last resort." watch nowVIDEO4:3804:38President Trump: I won't use force on GreenlandSquawk Box Europe should be "prepared to act decisively if our interests are put at risk" while continuing to work for de-escalation, Ole Erik Almlid, CEO of the Confederation of Norwegian Enterprise, which represents thousands of businesses, told CNBC on Wednesday afternoon."Europe must not allow itself to be blackmailed, not even by the United States," Bertram Kawlath, president of the German industrial sector association VDMA, which represents 3,500 engineering companies, said in a statement on Sunday."Greenland is part of Europe and must remain so. If the EU gives in here, it will only encourage the American president to make the next ludicrous demand and threaten further tariffs," he said, adding that the European Commission should examine whether the ACI can be used. Economic impact Were tariffs to go ahead on February 1, as Trump had previously threatened, the impact of European businesses could be significant, business leaders have warned.Analysis by the British Chambers of Commerce found that 10% tariffs on U.S. exports could cost U.K. businesses £6 billion, rising to £15 billion, or $20 billion, in June — when Trump has said tariffs would increase to 25% if the countries continue to resist his Greenland plans."The UK is not without influence, our bilateral trade with the US is worth £300bn, we have £500bn invested in its economy and it has £700bn tied up in ours," BCC Director General Shevaun Haviland said. "There is a high-level of co-dependency. The government should keep everything on the table during talks."Deutsche Bank analysts on Monday said European countries' huge holdings in U.S. assets give it an advantage, as it weighed counter-measures.But new tariffs from the U.S. would result in further "significant" cuts to trade and transatlantic business for German companies, Treier told CNBC. The European mechanical and plant engineering industry is already disproportionately affected by U.S. tariffs because many products are subject to 50% levies on steel and aluminium, Kawlath said. "Added to this are high bureaucratic costs, which prevent many transactions," he added. "More than half of all exported machinery could be affected."

Top business leaders at the World Economic Forum delivered an expletive-laden message on the green backlash. View More

In this articleENR-DEFMG-AUALV-DEFollow your favorite stocksCREATE FREE ACCOUNT The USA House is prepared ahead of the World Economic Forum on January 18, 2026 in Davos, Switzerland. The annual WEF meeting brings together leaders from government, business and civil society to discuss major global issues. This year's edition is taking place from January 19 to 23.Elena Romanova | Getty Images News | Getty Images Top business leaders this week delivered an expletive-laden plea in defense of climate action, describing the backlash to Europe's green transition as an "aberration."In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Allianz CEO Oliver Bäte said he disagreed with the suggestion that it may just be a matter of time before net zero is dismissed in Europe, saying short-term thinking on this issue is "bulls---."Asked about political leaders backtracking on their much-vaunted European Green New Deal and Norway's oil fund reportedly defending a push from companies to water down their climate goals, Bäte said anyone who has children "will have to worry" about the planet's future."It's an aberration that short-term people are saying that," Bäte told CNBC's "Squawk Box Europe" on Tuesday. "I think it's about doing it intelligently. And by the way, the role model here is China, they are going to be the leader both in terms of renewable and cost of energy." The CEO of Allianz, one of the world's biggest insurers, said it was integral for business and political leaders to stay the course on necessary energy transition targets. "This is what we do in Allianz, we said 2050 is net zero. Let's not try to say, 'ah I need to do it already by 2035' — bulls---. Excuse my language on TV," Bäte said. "We have, in our company, reduced energy consumption for us by more than 40%. It can be done, but let's not make it a religion. Make it a target and then keep focusing on it," he added. watch nowVIDEO3:4603:46Trying to look through the noise for the signal: Allianz CEODavos 2026: World Economic Forum His comments come amid concerns that businesses are increasingly shying away from climate action, turning instead to issues such as competitiveness, while political support for net zero appears to be fading. Indeed, at Davos, the event itself has shifted focus, looking now at how to cope with the worst elements of the climate crisis rather than, as in previous years, focusing on how to rapidly reduce planet-heating greenhouse gas emissions. 'Renewable energy is eating fossil fuels for lunch' Andrew Forrest, founder and executive chairman of Australian mining giant Fortescue, said Monday that the net zero term itself was "a little bit of a problem here." He has previously called for the world to walk away from the "proven fantasy" of net zero, saying it is time to embrace "real zero" by 2040 instead. Net zero refers to the goal of achieving a state of balance between the carbon emitted into the atmosphere and the carbon removed from it. More than 140 countries, including major polluters such as the U.S., India, and the European Union, have adopted plans to reach net zero. "While we use excuses like carbon credits, offsets, all that rubbish, I think that the president of the United States has a proper angle to prosecute an argument against those who just stood up for net zero [but] I'd have to say this: We don't need net any more," Forrest told CNBC's Karen Tso in Davos. Andrew Forrest, chairman of Fortescue Metals Group Ltd., during the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 20, 2026.Bloomberg | Bloomberg | Getty Images "Real zero is simply stopping the burning of fossil fuel. That is a very simple equation. When are you going to stop burning fossil fuel? Name the date. Then you will be giving your shareholders a lower cost and more competitive cost of energy."Fortescue, which is the world's fourth-largest iron ore miner, has outlined plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade, and called for other hard-to-abate companies to follow suit. China, Forrest said, had wisely backed "every horse in the race" by investing in both hydrocarbon and renewable energy technologies, a policy decision that clearly diverges from the Trump administration's approach. "Now, the United States … have gone hard [for] fossil fuels and kind of made anyone going for renewables feel like they're woke, they're not looking after shareholders. Honestly, I'm here to tell all of Davos, that is not correct," Forrest said. watch nowVIDEO4:2204:22Forrest: If you're going to Greenland for rare earths, there's nothing rareDavos 2026: World Economic Forum "Walking into a renewable energy future is cheaper. If you have got a technology line which is basically flat or declining with oil and gas, which means your operating cost is flat or rising with oil and gas. Yet, you have got a renewable energy technology curve which is bloody near vertical up, and its costs are bloody near vertical down, then you're looking at trends," he continued. "The trend of renewable energy is eating fossil fuels for lunch. So, I would just simply say to all my friends in America, back every horse. Your president is more businessman than he is anti-climate change." Trump takes aim at Europe's energy policy U.S. President Donald Trump, who has rejected the scientific consensus of human-caused climate change as a "hoax," reportedly agreed to attend Davos this year after the organizers gave assurances that "woke" topics would not feature prominently at the meeting. On Wednesday, the U.S. president took aim at the EU's energy policy during his Davos speech, claiming that wind turbines destroy land and lose money. "That is unfortunately not completely new, and we take indeed a fundamentally different view here," EU Climate Commissioner Wopke Hoekstra told CNBC on Wednesday."We do feel that climate change has huge economic ramifications. At the same time, there is a clear opportunity in batteries, in solar, by the way also in nuclear, which is where I agree [with Trump]," he added. US President Donald Trump delivers a special address during the World Economic Forum (WEF) annual meeting in Davos on January 21, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. Fabrice Coffrini | Afp | Getty Images Asked about the fraying political support for net zero policies, the EU's Hoekstra conceded that "there are pockets" that are more skeptical than before. "The harsh reality, though is that the physics of the whole matter and the planet doesn't give a damn whether we talk about it or we don't," Hoekstra said. "The only thing that matters is how much CO2 we are pumping into the air, how much the planet is heating up and how much economic damage to us as societies this is going to create," he added. Where do we go from here? Not everyone is worried about Europe's commitment to climate action. Joe Kaeser, chairman of Germany's Siemens Energy, said he's more focused on what action can be taken. "We need to talk to our customers about what we can do together and lay out a pathway on how we can come down to net zero in the end," Kaeser told CNBC on Tuesday. "There is no issue that we cannot do it, but it is about technology and innovation and not about regulation saying, 'you must do this, you must do that, you must do hydrogen,' although everybody knows it will never be economically feasible," he added.

Danish Prime Minister Mette Frederiksen on Thursday welcomed U.S. President Donald Trump's Greenland pivot. View More

Prime Minister Mette Frederiksen holds a press conference in the Mirror Hall at the Prime Minister's Office, at Christiansborg in Copenhagen, Denmark, on January 13, 2026.Nurphoto | Nurphoto | Getty Images Danish Prime Minister Mette Frederiksen on Thursday welcomed U.S. President Donald Trump's Greenland pivot, saying the country is prepared to hold talks with Washington on its vaunted "Golden Dome" missile defense plan. In a statement, Frederiksen said it was "good and natural" that the issue of Arctic security had been discussed between Trump and NATO Secretary-General Mark Rutte at the World Economic Forum in Davos, Switzerland. Trump said Wednesday that he had secured a "framework" deal on Greenland, including access to mineral rights for the U.S. and its European allies as well as collaboration on the Golden Dome.The agreement appears to mark something of a climbdown for the U.S. president, who has long advocated for control of the self-governing Danish territory and previously refused to rule out the use of military force. Denmark's prime minister said she had spoken to NATO's Rutte both before and after his meeting with Trump at Davos, adding that the military alliance is "fully aware" of Copenhagen's position."We can negotiate on everything political; security, investments, economy. But we cannot negotiate on our sovereignty. I have been informed that this has not been the case either," Frederiksen said, according to a Google translation. "The Kingdom of Denmark wishes to continue to engage in a constructive dialogue with allies on how we can strengthen security in the Arctic, including the US's Golden Dome, provided that this is done with respect for our territorial integrity," she added. watch nowVIDEO1:3101:31President Trump: We are going to have 'even better security' with Greenland than beforeClosing Bell Rolled out in May last year and often compared with Israel's "Iron Dome" system, Trump's proposed Golden Dome is a visionary multibillion-dollar initiative designed to shield the U.S. from all missile attacks."They're going to be involved in the Golden Dome, and they're going to be involved in mineral rights, and so are we," Trump told CNBC's Joe Kernen in an interview Wednesday. When asked how long the deal would last, the president said: "Forever." 'Additional discussions are being held' In a social media post shortly before speaking to CNBC at the World Economic Forum, Trump said he would no longer be imposing tariffs against eight European countries for opposing his plans to acquire Greenland.The U.S. president had proposed tariffs of 10% on goods from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the U.K., from Feb. 1, which would increase to 25% from June 1. Read moreTrump says Greenland framework with NATO involves mineral rights for U.S.Trump says he reached Greenland deal 'framework' with NATO, backs off Europe tariffsU.S. unveils plans for 'Golden Dome' missile defense system French President Emmanuel Macron called the threats "fundamentally unacceptable," while British Prime Minister Keir Starmer described the move as "completely wrong.""Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress," Trump said on Truth Social.Stock markets rose immediately after Trump posted the update, with further gains expected across the globe on Thursday. Why is Greenland seen as strategically important? Positioned between the U.S. and Russia, Greenland has long been viewed as an area of high strategic importance, particularly when it comes to Arctic security.The mineral-rich territory of nearly 57,000 people is in close proximity to emerging Arctic shipping routes, with the rapid melting of ice creating opportunities to substantially reduce Asia-Europe travel time when compared with the Suez Canal. Traffic moves along a narrow road as vehicles exit the Sullorsuaq tunnel in Nuuk, Greenland, on Jan. 21, 2026. Jonathan Nackstrand | AFP | Getty Images Greenland also sits astride the so-called GIUK Gap, a naval choke point between Greenland, Iceland and the U.K. that links the Arctic to the Atlantic Ocean.The largely frozen island is also known for an abundance of untapped raw materials, from oil and gas reserves to critical mineral deposits and a treasure trove of rare earth elements.

"We're talking about six-figure salaries for people who are building chip factories or computer factories or AI factories," Nvidia's Jensen Huang said at WEF. View More

Female Engineer Inspecting Control Panel and Taking Notes for Safety and Maintenance at Power StationSerts | E+ | Getty Images Nvidia CEO Jensen Huang has said the AI boom will create "six-figure salaries" for those building the factories supporting it — becoming the latest leader to recommend skilled trades as AI hits office jobs. Huang, one of the foremost voices on artificial intelligence, struck an optimistic tone on its impact on the labor market in his speech at the World Economic Forum in Davos Wednesday. "This is the largest infrastructure build-out in human history that's going to create a lot of jobs," Huang said. "It's wonderful that the jobs are related to trade craft, and we're going to have plumbers and electricians and construction and steel workers, and network technicians, and people who install and fit out the equipment." Huang added that he was seeing "quite a significant boom" in this area, with salaries nearly doubling. "And so we're talking about six-figure salaries for people who are building chip factories or computer factories or AI factories," he added.The possibility of AI eliminating jobs has dominated conversations at WEF this week after the technology was seen as contributing to nearly 55,000 layoffs in the U.S. in 2025, per December data from consulting firm Challenger, Gray & Christmas. AI was behind over 50,000 layoffs in 2025 — here are the top firms to cite it for job cuts Amazon, Salesforce, Accenture, and Lufthansa were among the companies citing AI as a reason for laying off employees in 2025. Kristalina Georgieva, managing director at the International Monetary Fund, said Tuesday that AI is "hitting the labor market like a tsunami, and most countries and most businesses are not prepared for it." However, Microsoft's research in 2025 found that blue-collar jobs were the least likely to be automated and hence safer from job cuts and layoffs. The roles named ranged from phlebotomists to helpers, painters, plasterers, and ship engineers. The research, which analyzed data from 200,000 conversations with Microsoft Bing Copilot between January and September 2024, focused on how much users sought assistance from the chatbot to complete a task. Professionals who did physical work, whether with people or machines, were least likely to rely on AI. "Everybody should be able to make a great living. You don't need to have a PhD in computer science to do so," Huang said. Pursue vocational training Roxana Mînzatu, EVP for social rights and skills, quality jobs, and preparedness at the European Commission, told CNBC in a conversation at WEF that young people should pursue vocational training in order to secure these blue-collar roles. "There are a lot of job offers in the vocational direction. I've had a discussion with the semiconductor industry, those that produce the chips for communication. They're looking for 75,000 vocational trained people — technicians [and] different types of degrees," Mînzatu said. When asked about AI taking away entry-level roles and making it harder to enter the job market, she said: "I'm not that concerned about the ability of the young generation to be able to have the right skills for that." Meanwhile, blue-collar jobs do appear to be more attractive to Gen Z — those born between 1997 and 2012 — in part because of the high cost of getting a bachelor's degree in the U.S. CNBC Make It calculations in 2025 indicated that the annual cost of attending a four-year, in-state public college increased by about 30% between 2011 and 2023."There are about 2 million fewer students in a traditional four-year university now than in 2011," Nich Tremper, senior economist at payroll and benefits platform Gusto, told CNBC Make It at the time. In the first quarter of 2024, Gen Z made up 18% of the workforce, according to the Department of Labor, but formed nearly 25% of all new hires in skilled trade work that year, according to Gusto. Follow CNBC International on Twitter and Facebook. 

Deal with U.S. remains crucial for India's economy. View More

This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse. Subscribe here.The big storyWhile temperatures are below freezing point at Davos, geopolitical tensions have been on the boil as U.S. President Donald Trump's pursuit of Greenland has thrown transatlantic relations in disarray. As Europe appears to stand up to Trump, it is seeking newer trade alliances with its focus now on partnering with the world's fastest growing large economy — India.European Commission President Ursula von der Leyen said at the World Economic Forum in Davos on Tuesday that the European Union was on the "cusp of a historic trade agreement" with New Delhi. "We are choosing fair trade over tariffs. Partnership over isolation. Sustainability over exploitation," she said. European Commission President Ursula von der Leyen (L) speaks with India's Prime Minister Narendra Modi before their meeting at the Hyderabad House in New Delhi on February 28, 2025. The European Union is exploring a security and defence partnership with India, EU chief Ursula von der Leyen said on February 28 before meeting with Prime Minister Narendra Modi in New Delhi. (Photo by Money SHARMA / AFP) (Photo by MONEY SHARMA/AFP via Getty Images) Money Sharma | Afp | Getty Images For New Delhi, which has been facing the brunt of punitive U.S. tariffs, this could be a much-needed shot in the arm. Since Trump imposed 50% tariffs on the Asian economy in August last year, it has been looking at alternate markets for its exports and has entered into trade deals with several countries."India's openness to trade agreements predates Trump 2.0, but we have seen deals accelerate as countries look to grow together in an uncertain global environment," said Richard M. Rossow, senior adviser and chair on India and Emerging Asia Economics at the Center for Strategic and International Studies. Over the past few months, India has announced trade deals with UK, Oman, and New Zealand. On Monday, UAE and India vowed to double trade to over $200 billion by 2032, with New Delhi also signing a $3 billion LNG procurement deal with the Middle Eastern country.India will be hoping that the European Commission president's visit to New Delhi on Jan. 25-27 ends with an announcement of a trade deal, as the country strives to boost its exports and make up for the decline in shipments to the U.S. Experts told CNBC that announcement of a deal during the visit is quite likely. But they also say that an India-EU trade pact, dubbed by some as the "mother of all deals" — a characterization von der Leyen highlighted in her speech at the WEF — will not replace U.S. as India's No.1 export destination. Shock absorber? "The EU deal is now central to India's external economic strategy precisely because there is no trade deal with the U.S," said Arpit Chaturvedi, advisor with Teneo's geopolitical risk advisory team. It gives India an "alternative anchor in the West" and restores some bargaining leverage to strike a deal with the U.S, he added.According to European Commission data, goods trade between India and the EU in 2024 was over 120 billion euros (about $140 billion), making it India's largest trading partner. Machinery and appliances, chemicals, base metals, mineral products and textiles are New Delhi top exports to the bloc.Radhika Rao, senior economist DBS Bank Singapore, said a trade agreement with the EU might not include sensitive segments like steel, auto, and agriculture, which may be covered separately.EU countries' trade with India is nearly on par with New Delhi's goods trade with the United States and China.But headline trade numbers do not reflect the reality of India's dependency on the U.S. market: In 2024, India's goods trade surplus with the U.S. was $45.8 billion, while for EU it was substantially lower at $25.8 billion.India's total exports to six major EU markets — Netherlands, Germany, Italy, Spain, France and Belgium — was $43.8 billion in the 9-month ending December compared to $65.88 billion for the U.S. alone. Given the size of its exports to the U.S., most deals New Delhi is making are "partial shock absorbers," not a remedy for the loss of trade with the U.S., said Chaturvedi from Teneo."The India-EU agreement can partially mitigate the U.S. tariff impact on exports," said Vishrut Rana, senior economist at S&P Global Ratings, but added that the a trade deal with U.S. remains key for India's economy. The elusive deal A deal between India and the U.S. has been a work in progress for a long time. Earlier this month, U.S. Commerce Secretary Howard Lutnick on a podcast said that India could have been the second country to get a deal after the U.K., which signed an agreement with Washington in May."I set the deal up. But Modi had to call President Trump. They were uncomfortable with it, so Modi didn't call," Lutnick said. The Indian side has called these comments "inaccurate."Following Lutnick's remarks, Sergio Gor, who took charge on Jan. 12 as the U.S. ambassador to India, said that finalizing a trade deal with a large nation like India was "not an easy task," but the U.S. was "determined to get there." Absence of a deal has further pressured the Indian rupee amid volatility in exports to the U.S. Exports dropped 1.8% in December, after jumping 22.6% in the prior month. The rupee is trading at 91.56 per dollar, with improvement hinging on a trade deal with the U.S.While the "mother of all deals" is an important one for New Delhi, it's unlikely to be large enough to shield the country from the adverse impacts of U.S. tariffs in the absence of trade pact. "The loss of the U.S. market can never be compensated by EU even after the FTA," said Ajay Srivastava, founder of New Delhi-based think tank Global Trade Research Initiative.Top TV picks on CNBC watch nowVIDEO4:5904:59Evaluating the rupee's weakness: Capital inflows, not growth, are the main reason, says MUFGInside India Michael Wan of MUFG Bank said continued outflows from foreign institutional investors and repatriation of foreign direct investments into India from private equity players are the reasons why he expects the rupee to underperform in 2026 relative to other countries. watch nowVIDEO3:4803:48India's budget could be a market sell-off event: BofA SecuritiesInside India Amish Shah, head of India research at BofA Securities, details his outlook for Indian markets in the coming year, adding that the lack of fiscal room for stimulus measures in the union budget for financial year 2027 could lead to a market sell-off.Need to knowIndia and UAE plan to double bilateral trade. India plans to increase trade with UAE to $200 billion by 2032. State-owned companies of the two countries signed a 10-year liquefied natural gas supply agreement worth $3 billion.Growth slows down for Reliance Retail in December quarter. The third largest vertical of India's biggest conglomerate, Reliance Industries, reported slower growth, leading analysts to reduce earnings estimates and cut stock target price, even as they maintain a buy rating on Reliance shares.India's exports to China soar in December. Exports to China surged 67% in December to $2 billion, in contrast to goods shipped to the U.S. — New Delhi's biggest export market — that dropped 1.8% to $6.8 billion. Quote of the week India, as China was 15 years ago, has a lot of growth ahead. It's growing 7.5% per year. It's the fourth biggest economy now … I think we should not underestimate India. And I think the Indian story is just starting.— Fabricio Bloisi, CEO, ProsusIn the marketsAs of 2.20 p.m. local time, the Nifty 50 and the BSE Sensex were about 0.1% higher. Both the indexes have had a poor start to the year, with the Nifty down 3.53%, and the Sensex 3.8% lower year to date.The benchmark 10-year Indian government bond yield slipped for a third straight day, and was last at 6.638%.The rupee also weakened to another record low against the dollar on Thursday, hitting 91.64 against the greenback. Stock Chart IconStock chart icon — Lim Hui JieComing upJan. 23: HSBC India manufacturing, services flash PMIJan. 25-27: President of the European Council, António Luís Santos da Costa, and the President of the European Commission Ursula von der Leyen to visit India Each weekday, CNBC's "Inside India" news show gives you news and market commentary on the emerging powerhouse businesses, and the people behind its rise. Livestream the show on YouTube and catch highlights here. SHOWTIMES:U.S.: Sunday-Thursday, 23:00-0000 ETAsia: Monday-Friday, 11:00-12:00 SIN/HK, 08:30-09:30 India Europe: Monday-Friday, 0500-06:00 CET

The United States, rich in recycled materials, finds it essential to engage in export activities, especially with India—an essential partner bolstered by progressive recycling policies. View More

Jaipur, Recycling industry leaders have sought an ease of doing cross-border trade , saying that global market access for reusable products is key to the growth of the circular economy . Global market access remains the highest priority for the recycling industry, particularly for countries like the United States that generate a structural surplus of recycled materials, said Robin Wiener, President of US-based Recycled Materials Association (ReMA). "The US generates an excess of recycled materials every year. In 2025 alone, this surplus exceeded $22 billion across commodities, making export markets critical to industry resilience, investment and innovation," Wiener said at the International Material Recycling Conference (IMRC 2026) here. Wiener further said that the US-India recycling trade has grown nearly six-fold in the past two decades, and remained unaffected from recent tariff measures , as India did not retaliate against the Donald Trump administration's move to impose high tariffs on US imports in the country. The US-India recycling trade has grown six-fold in 19 years from $375 million at the time of the first industry trade mission to India, she said, adding that India is now the US' third-largest trading partner for recycled materials by volume and value. Live Events "In the past year, the US exported 4.3 million metric tonnes of recycled materials to India, accounting for nearly 14 per cent of total US export volumes and $2.3 billion in value, or about 8 per cent of total export value," she said. Speaking about tariffs faced by the recycling sector, Wiener said that since January 2025, multiple tariff regimes - introduced under different US trade authorities - have increased average tariff rates from around 2 per cent to the peak of nearly 30 per cent, with current levels hovering around 18 per cent. She welcomed India's decision not to impose retaliatory measures on US recycled material exports, and said that the ongoing bilateral trade negotiations are expected to conclude by the end of the first quarter of 2026. "So far, recycled material flows between the US and India have not been materially impacted by tariffs, demonstrating the resilience of this trade relationship," Wiener said. However, she cautioned that export restrictions, rather than tariffs, pose the greater long-term threat. "There has been pressure to restrict exports of copper, aluminium, nickel, and stainless steel. While proposed copper export controls were successfully pushed back, discussions on aluminium and nickel continue. "With surplus material available, export restrictions are unnecessary and counterproductive to global circularity," she said. Besides, Wiener said that the diversity of materials shipped to India "reflects the diversity and scale of Indian manufacturing demand". "While steel and aluminium tariffs do not directly apply to recycled materials, there is growing concern around downstream products and equipment," she added. Mir Mujtaba, President, Bureau of Middle East Recycling (BMR), also highlighted the importance of recycling with the region undergoing a structural transformation driven by sustainability mandates, traceability and net-zero commitments. "The Middle East is not becoming a question mark for the global recycling trade. It is becoming an explanation - an explanation of cleaner, safer and more responsible trade," Mujtaba said. He said that by 2030-2050, countries across the region, including the UAE, Saudi Arabia and Oman, are targeting net-zero outcomes, positioning recycling as a strategic industry rather than a peripheral activity. Mujtaba said the alignment between Indian and Middle Eastern policy objectives creates a natural strategic partnership. "India brings scale, processing expertise and manufacturing depth, while the Middle East offers world-class logistics, capital and policy-driven sustainability. Together, this creates a strategic recycling corridor, not just a trade route," he said. Amar Singh, Secretary General, Material Recycling Association of India (MRAI), said that India's circular economy has the potential to generate over $2 trillion in market value and nearly 10 million jobs by 2050. He said India has put in place a comprehensive policy ecosystem covering ferrous and non-ferrous recycling. "Key policies such as the National Steel Policy, Steel Scrap Recycling Policy, PLI scheme for speciality steel and the National Green Hydrogen Mission support value-added steel production and low-carbon transition," Singh said. Initiatives like the Green Steel Roadmap and Green Steel Taxonomy provide clear direction on decarbonisation, green finance and global competitiveness, he said, adding, "In the non-ferrous segment, frameworks such as the National Non-Ferrous Scrap Recycling Policy 2020 and Aluminium and Copper Circular Economy Vision documents anchor India's recycling roadmap." He also highlighted challenges, including low domestic scrap availability, high dependence on imports, GST distortions and the dominance of the informal sector. "MRAI has consistently advocated for free flow of scrap, leading to reductions in import duty on several metals, with further reductions - including aluminium - expected," he said. Sanjay Mehta, President, MRAI, said duty-free access to scrap is essential for India's circular economy ambitions. "Zero duty on all scrap imports, particularly aluminium, is inevitable. It aligns with India's circular economy and manufacturing goals, and we expect progress within the next 6 to 12 months," he said. Mehta said MRAI is strengthening its advocacy framework through deeper government engagement, expanded leadership involvement and professional communications support. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

JSW Steel shares rose 5.7% since 30 December, outperforming the benchmark Sensex. But this may have come a quarter too late, as the domestic market leader saw the prices of its product fall to an absolute low during the October-December quarter View More

The steel plant in Anakapalli district will be set up with an investment of ?60,000 crore in the first phase  View More

Jindal Stainless faces export challenges due to unclear policies in the US and Europe. Uncertainty around Europe's Carbon Border Adjustment Mechanism and shifting stances in the US are making customers hesitant to place large orders. Despite this, the company is prepared to handle increased demand. View More

Mumbai: A lack of clarity both in the US and Europe is impacting exports for Jindal Stainless ( JSL ), even as the company itself is geared up to cater to larger orders, said Abhyuday Jindal , managing director of the company. The country's largest producer of stainless steel saw exports fall to 5.4% of its total sales in the December quarter, down from 8.6% a quarter ago and 8.5% last year. At the start of the fiscal, the company had said that they are aiming exports in the range of 22,000-25,000 tonnes each month, a 30% growth as compared to the previous year. "It is the customers who are not clear. The CBAM value that the customers have to pay at the moment in Europe is not clear. Even though orders are still being booked, nobody is booking for the long-term or overstocking," Jindal said. The Carbon Border Adjustment Mechanism (CBAM) is a method to adjust carbon costs for certain imported goods. It aims at levelling the playing field between locally produced goods in the European Union and those imported from countries which have a weaker carbon pricing policy. Jindal also said that uncertainty in the US is impacting ex ports. Live Events "In the US, Trump is always changing his stance, so that is causing confusion in the minds of our customers. We are geared up, it is the customers that need a little more confidence in their governments to book larger orders," Jindal said. The US and Europe are the largest export markets for the company, accounting for nearly three-fourth of their total exports. OCT-DEC EARNINGS Jindal Stainless' consolidated net profit for the quarter rose 27% on-year to Rs 828 crore, while revenue from operations was 6% higher at Rs 10,518 crore. Consolidated earnings before interest, tax, depreciation and amortization for the period stood at ₹1,408 crore, up 17% on-year. At a standalone level, it had a sales volume of 649,857 tonnes, a revenue of Rs 10,632 crore and a profit of Rs 666 crore during the quarter. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)