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Business Standard
23 minutes ago
- Business Standard
Borosil Renewables to wind up German unit, focus on Indian solar glass
Borosil Renewables has filed an application to wind up operations of its German subsidiary to sharpen focus on the Indian solar glass market with immense potential. In a regulatory filing, Borosil Renewables Ltd said its material step-down subsidiary in Germany, GMB Glasmanufaktur Brandenburg GmbH, has filed an application for the commencement of insolvency proceedings before the Insolvency Court at Cottbus, Germany, in accordance with the German Insolvency Code (InsO). This decision was reached after a comprehensive assessment of market conditions, financial viability, and long-term strategic priorities. "The challenges for GMB began with slide in demand for German made solar panels, when faced with the precipitous drop in prices by Chinese manufacturers of solar panels, who have engaged in large scale dumping in the European market, using predatory pricing. "Despite the alarms sounded by the German solar module manufacturers seeking protection against such dumping, policy responses to date have been insufficient," the filing said. Lack of meaningful protective measures by the authorities concerned has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings. Eventually, this resulted in the disappearance of the market demand for solar glass manufactured by GMB, causing substantial losses to GMB, which has affected the consolidated financials of the company, it said. The company/GMB has approached the authorities concerned to get some quick measures in place. GMB (capacity of 350 tonnes per day) was once a vital part of Borosil's global footprint, serving the European solar glass market. However, since the second half of 2023, the landscape changed dramatically. A significant increase in low-cost solar panel imports from China created unprecedented pricing pressure, leading to a rapid decline in demand for German-made modules and, consequently, for locally produced solar glass. Lack of meaningful protective measures by the authorities has led to the shutdown of major solar module manufacturers in Germany, with some of them filing for the commencement of insolvency proceedings. As of March 31, 2025, Borosil's total exposure to GMB and its associated German entities stood at 35.30 million euros, or approximately ₹340 crore. This includes both capital investments and loans extended over time to sustain German operations. From the date of the insolvency filing (July 4, 2025), Borosil will no longer account for GMB's monthly losses. Analysts said the insolvency filing will lead to sharper focus on Indian operations that are witnessing significant tailwinds. The move allows Borosil Renewables to halt capital bleed in a structurally declining market and reallocate resources toward its growth nucleus: India. India presents a compelling growth story driven by sizeable addition to solar power capacity every year, strong demand for solar infrastructure, supportive government policy (including PLI schemes and ALMM for modules and cells), and a favourable cost base. Manufacturing capacity for solar modules has already reached 90-plus gigawatts and is expected to rise to 150 gigawatts by March 2027. Thus, there is a huge scope for capacity addition and import substitution. With this pivot, Borosil aims to double down on its leadership in solar glass innovation, manufacturing scale, and ESG-driven clean energy technologies, they said. In May this year, Borosil Renewables announced its plan to raise production capacity for solar glass by 600 tonnes per day, by setting up two furnaces of 300 TPD each at an estimated cost of ₹950 crore. This translates into significant capacity addition of 60 per cent, considering Borosil's existing manufacturing capacity of 1,000 TPD. The imposition of anti-dumping duty for a period of five years, effective from December 4, 2024, on the import of solar glass from China and Vietnam is leading to a level playing field for domestic manufacturers. This policy measure is anticipated to foster rapid and significant growth in domestic solar glass manufacturing. The imposition of anti-dumping duty has also led to a significant improvement in domestic prices for solar cells. For example, average ex-factory selling prices for solar glass during Q4 FY25 were about ₹127.6 per millimetre per square metre as compared to ₹99.6 per millimetre per square metre in the same period in FY24, translating into an increase of 28 per cent. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
24 minutes ago
- Business Standard
US tariffs on European goods likely to disrupt world's largest trade ties
America's largest trade partner, the European Union, is among the entities awaiting word Monday on whether US President Donald Trump will impose punishing tariffs on their goods, a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Trump imposed a 20 per cent import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10 per cent to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, the president said he would jack up the tariff rate for European exports to 50per cent. A rate that high could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals much more expensive in the US. The EU, whose 27 member nations operate as a single economic bloc, said its leaders hoped to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. Here are important things to know about trade between the United States and the European Union. US-EU trade is enormous A lot of money is at stake in the trade talks. The EU's executive commission describes the trade between the US and the EU as "the most important commercial relationship in the world. The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest US export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. EU sells more to the US than vice versa Trump has complained about the EU's 198 billion-euro ($233 billion) trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The US services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3per cent of overall US-EU trade. What are the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47 per cent for European goods, while the EU's averaged 1.35 per cent for American products. But the White House has taken a much less friendly posture toward the longstanding US ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50 per cent tariff on steel and aluminum and a 25per cent tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17 per cent to 27 per cent. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground, Holger Schmieding, chief economist at Germany's Berenberg bank, said. They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works. What are potential impacts of higher tariffs? Economists and companies say higher tariffs will mean higher prices for US consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the US. have said they are holding the line on 2025 model year prices until further notice. The German automaker has a partial tariff shield because it makes 35 per cent of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo significant increases in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the US is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany &Co, Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. If we end up with high tariffs, ... we will be forced to increase our US-based production to avoid tariffs, Arnault said. And if Europe fails to negotiate intelligently, that will be the consequence for many companies. ... It will be the fault of Brussels, if it comes to that. Many expect Trump to drop his most drastic demands Some forecasts indicate the US economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3per cent of its gross domestic product and US GDP would fall 0.7per cent, if Trump slaps imported goods from Europe with tariffs of 10per cent to 25per cent, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10per cent base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that the US will agree to deals in which it takes back its worst threats of retaliatory' tariffs well beyond 10per cent, Schmieding said. However, the road to get there could be rocky. The US offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. While Trump might be able to sell such an outcome as a win' for him, the ultimate victims of his protectionism would, of course, be mostly the US consumers, Schmieding said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Hindu
26 minutes ago
- The Hindu
U.S. tariffs on European goods threaten to shake up world's largest two-way trade relationship
America's largest trade partner, the European Union, is among the entities awaiting word on Monday (July 7, 2025) on whether U.S. President Donald Trump will impose punishing tariffs on their goods, a move economists have warned would have repercussions for companies and consumers on both sides of the Atlantic. Mr. Trump imposed a 20% import tax on all EU-made products in early April as part of a set of tariffs targeting countries with which the United States has a trade imbalance. Hours after the nation-specific duties took effect, he put them on hold until July 9 at a standard rate of 10% to quiet financial markets and allow time for negotiations. Expressing displeasure the EU's stance in trade talks, however, the President said he would jack up the tariff rate for European exports to 50%. A rate that high could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals much more expensive in the U.S. The EU, whose 27 member nations operate as a single economic bloc, said its leaders hoped to strike a deal with the Trump administration. Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. Here are important things to know about trade between the United States and the European Union. US-EU trade is enormous A lot of money is at stake in the trade talks. The EU's executive commission describes the trade between the U.S. and the EU as "the most important commercial relationship in the world.' The value of EU-US trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. The biggest U.S. export to Europe is crude oil, followed by pharmaceuticals, aircraft, automobiles, and medical and diagnostic equipment. Europe's biggest exports to the US are pharmaceuticals, cars, aircraft, chemicals, medical instruments, and wine and spirits. EU sells more to the US than vice versa Mr. Trump has complained about the EU's 198 billion-euro ($233 billion) trade surplus in goods, which shows Americans buy more stuff from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The US services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall US-EU trade. What are the issues dividing the two sides? Before Mr. Trump returned to office, the U.S. and the EU maintained a generally cooperative trade relationship and low tariff levels on both sides. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products. But the White House has taken a much less friendly posture toward the longstanding U.S. ally since February. Along with the fluctuating tariff rate on European goods Trump has floated, the EU has been subject to his administration's 50% tariff on steel and aluminium and a 25% tax on imported automobiles and parts. Trump administration officials have raised a slew of issues they want to see addressed, including agricultural barriers such as EU health regulations that include bans on chlorine-washed chicken and hormone-treated beef. Mr. Trump has also criticized Europe's value-added taxes, which EU countries levy at the point of sale this year at rates of 17% to 27%. But many economists see VAT as trade-neutral since they apply to domestic goods and services as well as imported ones. Because national governments set the taxes through legislation, the EU has said they aren't on the table during trade negotiations. 'On the thorny issues of regulations, consumer standards and taxes, the EU and its member states cannot give much ground,' Holger Schmieding, chief economist at Germany's Berenberg bank, said. 'They cannot change the way they run the EU's vast internal market according to U.S. demands, which are often rooted in a faulty understanding of how the EU works.' What are potential impacts of higher tariffs? Economists and companies say higher tariffs will mean higher prices for US consumers on imported goods. Importers must decide how much of the extra tax costs to absorb through lower profits and how much to pass on to customers. Mercedes-Benz dealers in the US. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. Simon Hunt, CEO of Italian wine and spirits producer Campari Group, told investment analysts that prices could increase for some products or stay the same depending what rival companies do. If competitors raise prices, the company might decide to hold its prices on Skyy vodka or Aperol aperitif to gain market share, Hunt said. Trump has argued that making it more difficult for foreign companies to sell in the US is a way to stimulate a revival of American manufacturing. Many companies have dismissed the idea or said it would take years to yield positive economic benefits. However, some corporations have proved willing to shift some production stateside. France-based luxury group LVMH, whose brands include Tiffany &Co, Luis Vuitton, Christian Dior and Moet & Chandon, could move some production to the United States, billionaire CEO Bernaud Arnault said at the company's annual meeting in April. Arnault, who attended Trump's inauguration, has urged Europe to reach a deal based on reciprocal concessions. 'If we end up with high tariffs, ... we will be forced to increase our US.=-based production to avoid tariffs,' Arnault said. 'And if Europe fails to negotiate intelligently, that will be the consequence for many companies. ... It will be the fault of Brussels, if it comes to that.' Many expect Trump to drop his most drastic demands Some forecasts indicate the US economy would be more at risk if the negotiations fail. Without a deal, the EU would lose 0.3% of its gross domestic product and US GDP would fall 0.7%, if Trump slaps imported goods from Europe with tariffs of 10% to 25%, according to a research review by Bruegel, a think tank in Brussels. Given the complexity of some of the issues, the two sides may arrive only at a framework deal before Wednesday's deadline. That would likely leave a 10% base tariff, as well as the auto, steel and aluminum tariffs in place until details of a formal trade agreement are ironed out. The most likely outcome of the trade talks is that 'the US will agree to deals in which it takes back its worst threats of retaliatory' tariffs well beyond 10%,' Schmieding said. 'However, the road to get there could be rocky.' The US offering exemptions for some goods might smooth the path to a deal. The EU could offer to ease some regulations that the White House views as trade barriers. 'While Trump might be able to sell such an outcome as a win' for him, the ultimate victims of his protectionism would, of course, be mostly the US consumers,' Schmieding said.
