Tire prices are likely to increase as a result of the Trump administration's steep tariffs on countries that export them to the U.S🦩., analys෴ts at JPMorgan said Monday.

A record 63.4% of tires sold in the U.S. last year were imported, with Thailand (subject to a 澳洲幸运5官方开奖结果体彩网:37% tariff), Indonesia (32%), Vietnam (46%), and South Korea (26%) making up four of the top five countries the U.S. imports from, the analysts wrote.

"We expect U.S. tire prices to rise, perhaps substantially," JPMorgan said. Domestic tire producers should see a slight net benefit, but they face tariffs as well on the import of raw materials like rubber. Shares of Goodyear Tire & Rubber (GT), which has operations in the U.S., Europe, and Asia, sank more than 7% intraday Monday. (Read Investopedia's live coverage of 澳洲幸运5官方开奖结果体彩网:today's market action here.)

However, the full effect of price increases is "not likely to be felt immediately," the analysts wrote, since companies stocked up on imported tires before the tariffs were announced.