Corticeira Amorim shares soar by 5.24% thanks to US tariff exemption

Corticeira Amorim shares closed the stock market session up 5.24% to €8.03 per share leading gains on the Euronext Lisbon PSI index.

The increase in the value of the shares of Portugal’s largest cork producer was driven by a US tariff exemption on cork products agreed between the US and EU. The PSI index rose overall 0.43%.

The US and EU signed an agreement on July 31 to limit US tariffs of 15% on European goods, including car parts, pharmaceuticals, and semiconductors (chips).

Meanwhile on Wednesday the EU informed that following the joint statement, “we guarantee significant exemptions – tariffs at zero or close to zero – in important areas including unavailable natural resources including cork, planes, and aircraft parts, generics medicines and its chemical composites.

APCOR – Portuguese Cork Association – stressed in a communiqué that “this decision represents the international recognition of a unique specificity of cork whose raw material is exclusively produced exclusively in the Mediterranean basin – with Portugal having a major role as a world producer.”