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The numbers in the tire size refer to its width, aspect ratio, and wheel diameter. "205/55R16" means the tire is 205 mm wide, has an aspect ratio (that is, the width divided by the height) of 55%, and fits on a 16" rim.
"R" means radial tire. They're all radials nowadays. Speed ratings are usually inserted before the "R." The most common speed ratings are HR (good for 130mph), VR (149 mph), and ZR (more than 149 mph).
Any other tire questions would be better off in the Brakes, Steering, Suspension, Tires & Wheels Forum