18 May, 2019

Deere blames Trump's trade war for lower earnings, plans to scale back production 20% at major plants

https://qctimes.com/business/deere-blames-trump-s-trade-war-for-lower-earnings-plans/article_f784b65f-da49-581d-b94e-5d2a91ec1dbb.html

The revised forecast is another indicator that farmers, and those in the Midwest in particular, are suffering the brunt of the Trump administration's trade battles. On Friday, the president sought to ease fears over the escalating trade confrontations by lifting tariffs on industrial metals with Mexico and Canada, and he has pledged another aid package for farmers hurt by tariffs.

 Deere said it lowered its forecasts because farmers aren't buying as much equipment. Farmers are worried about plummeting crop prices, international trade disputes and extreme weather events that have delayed planting, including here in Iowa.