Scott Wine jokes that he doesn’t want to have to start building snowmobiles in sweltering Mexico.

But the chief executive officer is dead serious about the unintended consequences that higher U.S. tariffs on Chinese goods will have on Polaris Industries Inc.—including forcing him to consider moving jobs to Mexico.

“We just can’t stand for it,” Wine said in a phone interview May 7. “I don’t want a Fortune 500 company like we are to be very vocal against the tariffs and undermine our negotiating position as a country. That said, if it goes to 25 percent, I will become one...