Tree with "American" and "slippery" varieties

ELM

This shade-providing tree is known for its serrated leaves and was once a common choice for urban streets before Dutch elm disease struck. Its wood is prized for durability in furniture and shipbuilding.

This clue points to "elm," a type of tree known for several common varieties. The words "American" and "slippery" refer to two well-known species—the American elm and the slippery elm, which is named for its slick inner bark. The clue relies on recognizing these specific types rather than any hidden wordplay or puns.