Suppliers raise prices because of tariffs
The announced tire tariffs on Chinese consumer tire imports have led to a number of announced tire price increases.
Cooper Tire & Rubber Co. says it will raise prices up to 12%. A number of wholesale distributors also followed suit on their Chinese-made passenger and light truck tires.
Hercules Tire & Rubber Co. raised prices 10% to 15%., choosing to absorb the majority of the tariff. "We didn't bring in extra inventory," says CEO Bill Trimarco. "Anything we sell we have to replace."
TBC Corp. raised prices between 7% and 12%, depending on the line. It also allocated inventory of lines such as the Epic Tour, Mesa AP and Triangle Talon. Some of the Sumitomo tires it distributes also are affected.
Tireco Inc., in an effort to stave off a run on its inventory, raised prices 28%, and will modify the raise as the market shakes out.
Del-Nat Tire Corp. has yet to announce a price increase. President Jim Mayfield says the prices "will be very volatile in the next few months."