Tire Industry Closely Watching US Presidential Election Results... Will Anti-Dumping Tariffs Be Reduced?

Former U.S. Vice President and Democratic presidential candidate Joe Biden is seen blowing kisses to supporters after delivering a speech at a drive-in campaign event outside Heinz Field, a football stadium in Pittsburgh, Pennsylvania, on the 2nd (local time). Photo by AP

[Asia Economy Reporter Kiho Sung] As the U.S. presidential election plunges into chaos, the domestic tire industry is closely monitoring the election results. This is because the U.S. anti-dumping tariff decision, postponed until after the election, could be affected depending on the outcome.

According to the tire industry on the 6th, the U.S. International Trade Commission (ITC) recently extended the deadline for announcing the preliminary investigation results on anti-dumping tariffs for tires from Korea, Vietnam, Taiwan, and Thailand by 50 days. Accordingly, the U.S. Department of Commerce (DOC) postponed the announcement of its preliminary investigation results from the 9th of this month to the 29th of next month. Although the ITC did not specify the exact reason for the extension, the tire industry speculates that the U.S. administration has concentrated its administrative efforts on the election.

With the delay in the announcement of the preliminary investigation results, which serve as a barometer for anti-dumping tariffs, the tire industry is anxiously watching the U.S. presidential election results. This is because tariff rates could vary depending on who is elected president. In particular, there is speculation that if the administration changes to Joe Biden, tariff rates may be reduced. According to a report by the Bank of Korea titled "The Impact of the U.S. Presidential Election on Major Global Issues," if Democratic candidate Biden is elected, there is a high possibility that global trade sentiment will improve through the restoration of a multilateral system, including reducing retaliatory tariffs.

An official from the tire industry said, "The best-case scenario is to be judged as not subject to anti-dumping," adding, "However, since this is unlikely, how the tariff rates are decided is more important."

Meanwhile, the domestic tire industry is also actively appealing that high tariff rates could be disadvantageous to U.S. consumers. Another tire industry official said, "If tariff rates increase and tire prices rise, the range of choices for U.S. consumers will narrow accordingly," adding, "We are actively conveying this message."

This content was produced with the assistance of AI translation services.