Sumitomo raises prices in North America

Japanese Sumitomo has become the first tire manufacturer to officially announce a price increase due to the introduction of new US import duties. As Tire Business notes, according to the decisions of the Donald Trump administration, 25% duties on the import of tires for passenger and light commercial vehicles will be introduced in the country soon, as they are included in the list of automotive components subject to new tariffs. Additionally, "reverse" 10% duties on tires of almost all types, including those for trucks, buses, motorcycles, agricultural and other special equipment, will come into effect. At the same time, industry participants say that, apparently, the new tariffs will be added to the existing anti-dumping and countervailing duties.

In Sumitomo, it was reported that prices for passenger and light commercial tires (with a cost increase of up to 25%) as well as for truck and motorcycle tires (with a growth of up to 10%) will be raised in the US and Canadian markets. The decision will come into effect on May 1 and will depend on further actions of the US government.

Earlier, the US also introduced additional anti-dumping and/or countervailing duties on the import of passenger and light commercial tires from China, South Korea, Thailand, and Taiwan, as well as on the import of truck and bus tires from China and Thailand. Moreover, increased tariffs apply to tires for special equipment from India.

According to Tire Business, imports account for up to 75% of the US secondary tire market, and in some segments (trailer tires), it reaches 100%. Last year, $19 billion worth of tires was imported into the country, which is 2.4% more than in 2023.