President-elect Donald Trump says he will impose 25% tariffs on all products exported from Mexico and Canada to the United States when he takes office.
In a Nov. 25 social media post, Trump stated:
Trump, who will be inaugurated in January, also said he will impose “an additional 10% tariff, above any additional tariffs” on products exported to the U.S. from China.
In 2023, Mexico was the second largest exporter of passenger tires to the U.S., having shipped 22.6 million units to the country, a 6% year-over-year increase, according to MTD’s 2024 Facts Issue, which was published this past January.
Canada was the sixth largest exporter of passenger tires to the U.S. that year, having shipped around 10 million units, a 3.7% jump from 2022, according to MTD data.
Looking at overall consumer tire exports – both passenger and light truck – Mexico was the second largest exporter to the U.S. in 2023, while Canada was the fifth largest exporter to the U.S. that same year.
Canada also was the fourth largest exporter of TBR tires to the U.S. market last year, having shipped 1.4 million units. (In 2023, Thailand was the overall biggest exporter of passenger, consumer and TBR tires to the U.S., shipping 35.3 million units (passenger), 41 million units (consumer) and around 6.6 million units (TBR), as reported in MTD’s 2024 Facts Issue.)
According to the Observatory of Economic Complexity (OEC), Mexico exported some $421 billion in goods and services to the U.S. during 2022, with exports from Mexico to the U.S. having increased at an annualized rate of 5.49% between 2017 and 2022.
Canada exported $438 billion in goods and service to the U.S. in 2022, with shipments to the U.S. growing at an annualized rate of 5.14% between 2017 and 2022, according to the OEC.
Check out the latest edition of the Modern Tire Dealer Show podcast to learn how a second Trump presidency could impact tire dealers.
