The European Commission might back up Portugal in its effort to fight back the sudden increase of tariffs to 37 % on paper sales to the USA, which have affected severely the country's industry.
The European Commission (EC) is ready to provide legal assistance to Portuguese paper manufacturer Navigator in a case about a surcharge on paper sales the USA wants to apply to the company, a Community source told Lusa on Friday.
The source said that “the Community often intervenes to defend the interests of European Union industries when initial measures are imposed” and underlined that the taxes are currently being revised, the EC “will continue to provide any legal assistance” if the measures are contested, something that Navigator has said it will do.
In a communiqué to the Portuguese Stock Exchange Commission (CMVM) last week, Navigator said it would contest the taxes the US wants to apply to its products and which would cost the Portuguese company millions of euros.
The company said that after having been informed by the US authorities in April that the provisional “anti-dumping” tax to be retroactively applied on its paper sales in the USA for the period between August 2015 and February 2017 would be 0%, it was then notified by the United States Department of Commerce that the final tax would be 37.34% of these sales”.
On Wednesday, Navigator shares fell 7.74% on Monday this week, 2.30% of Tuesday and 4.45% on Wednesday. Today the shares are rebounding.