Tariffs on aluminum and steel imports this month from Mexico, Canada, and the European Union, as well as those from China, are troubling leaders in the automotive and tire industries.
Scott Clark, the Chairman and President of Michelin North America, said the tariffs are “a real concern.”
“Some of the steel that all manufacturers use in making tires in North America is not available in North America. We're all dependent on importing that steel,” he said.
Industry analysts are concerned that higher prices will lead to a slowdown of new automotive and tire sales. Canada is a major exporter of steel plate and coil steel used by manufacturing. The country accounts for about half of the raw aluminum imported by the U.S. and about a fifth of finished steel imports.
