On January 1 next year, a new tax will come into effect in the European Union. Dubbed the carbon border adjustment mechanism, the tax will be imposed on imports from non-EU countries with less strict emission reduction standards. Those countries are already speaking out against the tax—and the EU is about to face some unforeseen consequences. Last week, Reuters reported that Indian steel exporters were looking for new markets to replace the European Union, which currently absorbs as much as two-thirds of Indian steel exports. India’s…