29 June 2026 – Base metals on the Asian commodity exchanges were largely in good shape at the start of the week. According to media reports, the Indian government plans to relieve MSMEs of up to 90% of the bureaucracy costs caused by the European CO2 border tax CBAM. EU-U.S. tariff dispute: barely settled, the next round is already looming.
Base Metals Start the Week Firm
Base metals on the Asian commodity exchanges were largely in good shape at the start of the week. Nickel and lead moved sideways, aluminum gained slightly by 0.7%, and copper rose by 1.4%. Tin was the day’s winner with +1.9%, followed by zinc with around +2.5%. At the London LME, metals also presented themselves on a positive note at the start of trading and were mostly stable.
CBAM: India Protects Its Mittelstand – the EU Watches
According to media reports, the Indian government plans to relieve micro, small, and medium-sized enterprises, MSMEs, of up to 90% of the bureaucracy costs caused by the European CO2 border tax CBAM. The reasoning: MSMEs find it significantly more difficult than large corporations to provide the real data required for CBAM – and are additionally disadvantaged by the default values burdened with a growing penalty surcharge.
India Ahead of the EU
Should New Delhi implement this, the Indian government would be miles ahead of the European Union when it comes to protecting SMEs. Brussels has merely exempted companies with less than 50 tonnes of annual imports from CBAM reporting obligations – a threshold that European SMEs in steel, aluminum, and fertilizers consider completely unrealistically low.
The Commission itself assumes that domestic SMEs will face pure bureaucracy costs of between EUR 140 and EUR 900 per tonne, depending on the reporting method, once they become subject to CBAM. A system that systematically disadvantages small market participants with these cost structures while simultaneously being sold as a trade protection instrument is not climate policy – it is bureaucracy with a detour sign.
EU-U.S. Tariff Dispute: Barely Settled, the Next Round Is Already Looming
Last week, the European Council approved the negotiated deal in the tariff dispute with the United States – thereby fulfilling President Trump’s demand to ratify the agreement before 4 July 2026. A brief pause for breath.
Digital Service Tax as the Next Flashpoint
Because the next conflict is already looming. Several EU Member States have introduced so-called Digital Service Taxes, and others could follow. Trump has long viewed this instrument as a thorn in his side. Last Friday, via Truth Social, he threatened 100% tariffs on imports from EU countries should they impose further taxes on U.S. companies.
The EU responded with the usual reflex: incomprehension and the announcement of countermeasures. A pattern that has repeated itself several times in recent months – and one that has so far never helped prevent the next step of escalation.
Anyone who had hoped that the freshly ratified deal would bring planning certainty is being taught otherwise. The tariff dispute has not been settled – it has merely changed the subject.
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