Watch Multi-Agent Research Swarm actually work

INCOMING REQUEST:
"Map stocks to hit — which equities are most exposed if new EU carbon border tariffs (CBAM) expand to finished goods in 2026?"

ORCHESTRATOR — decomposing query, dispatching 3 parallel agents:

▸ Agent A (Policy) — CBAM scope & 2026 timeline
▸ Agent B (Sector Exposure) — carbon-intensive import chains
▸ Agent C (Equity Impact) — named tickers, revenue exposure

— FAN-OUT (running concurrently) —

Agent A returns: Current CBAM covers cement, steel, aluminum, fertilizers, H2. Finished-goods expansion under review; Commission report due Q4 2025. [EU Reg 2023/956, Art. 30]

Agent B returns: Highest embedded-carbon finished imports — automotive, industrial machinery, appliances. EU importers pass cost upstream to non-EU producers.

Agent C returns: Screened for >15% EU revenue + high Scope 1-2 intensity:
— ArcelorMittal (MT) — steel, ~40% EU sales
— Nucor (NUE) — US steel exporters, indirect
— Cemex (CX) — cement, direct CBAM line
— Vale (VALE) — iron ore feedstock, downstream drag

SYNTHESIZE + VERIFY:
Cross-checked Agent C's exposure claims against Agent A's scope — flagged: NUE exposure is speculative (finished-goods rule not yet enacted). Downgraded to "watch."

FINAL BRIEF:
Highest-conviction direct exposure: CX, MT (already in-scope). Speculative on 2026 expansion: NUE, appliance/auto OEMs.
Confidence: Medium — hinges on Q4 2025 Commission report.
Sources: 4 cited, 1 claim quarantined for lack of enacted basis.

Verification caught the overreach before it reached your brief.