Overall emissions.

But the UK and EU (the only large polluters who have even considered carbon tariffs) have largely watered them down - for example, yesterday with the UK increasing it's duty free steel quota for India [0] as Tata Steel owns much of the UK's steel capacity and demand (JLR is a Tata company). Add to that the EU's largest steel maker is owned by India's Mittal family (AcrelorMittal) and European conglomerates like Renault [1] are expanding manufacturing in markets like India, which means using Indian steel.

And all of that ignores domestic growth in all those countries. Base GDP growth rates are expected to be in the 6.5-8% for India and ASEAN despite deglobalization because domestic markets are growing.

[0] - https://www.bloomberg.com/news/articles/2026-07-14/india-win...

[1] - https://www.reuters.com/world/india/renault-plans-boost-indi...