American farmers grappling with low crop prices and the loss of Chinese markets due to President Trump’s trade struggle with Beijing are likely to purchase $464 million less in tractors and harvesters from Deere & Co. this year than the manufacturer predicted.
The Moline, Ill.-based maker of John Deere tractors, which expected agriculture equipment sales to grow 4% this year to $24.1 billion, said Friday they will probably climb just 2%. The shift illustrates the growing damage from U.S. duties on Chinese imports and retaliation from President Xi Jinping, whom Trump is attempting to pressure into a trade agreement.
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