On May 3rd, local time, the United States officially implemented a policy of imposing a 25% tariff on imported key auto parts. This tariff adjustment has a wide scope. Except for the parts from Mexico and Canada that meet the "United States-Mexico-Canada Agreement (USMCA)" and are exempted, the related products from the rest of the countries and regions around the world are all included in the scope of the tariff increase. As an important auto part, tires are inevitably affected.
The United States has a tire import dependence of over 70%. Previously, a number of tariff policies have been introduced. Although tires may be exempt from some "reciprocal tariffs", there are still great uncertainties. After the tariff increase, the high-priced overseas brand tire enterprises have weak ability to pass on costs, and the import willingness of US domestic dealers has decreased. Enterprises with a large exposure to the US market, such as Michelin and Bridgestone, are facing challenges.
Chinese tires have a low export price and strong ability to absorb risks. Huatai Securities pointed out that under the same tax increase, Chinese tires have more prominent cost-effectiveness advantages in the US market compared with European, Japanese and South Korean brands, and are expected to accelerate global substitution. However, Chinese tire enterprises still need to be wary of the impact of policy changes on their global layout. In addition, as a major tire exporting country, Thailand's tire exports may decline due to this tariff policy, which will drag down the domestic automotive industry, and about 700,000 employees in this industry are facing employment pressure.
In the future, tire enterprises need to pay close attention to policies, optimize costs, expand the market, and enhance their competitiveness to cope with the complex international trade environment.
中文版
