Kumho raises prices because of tariffs
Kumho Tire U.S.A. Corp. is raising tire prices as a result of market pressures created by the recent increased tariff on Chinese consumer tire imports.
The company will increase prices up to 12% on selected products. The effective dates of the increases will be as follows:
* Sept. 26, 2009, for limited patterns; and
* Oct. 1, 2009 for the remainder of the products.
“It is Kumho’s goal to minimize the impact of this imposed tariff on our customers and ultimately the consumer,” says CEO and President J.B. Kim.
“We will make every effort to maintain a consistent supply of Kumho products that deliver unparalleled value and performance to the important U.S. market.”
Cooper Tire & Rubber Co. is the only other manufacturer to announce a price increase following the decision by President Barack Obama to raise tariffs on Chinese-made passenger and light truck tire imports. The company has not announced when its increases -- also up to 12% depending on the line -- will go into effect.