Deere Is Concerned About Retaliation Against U.S. Agriculture
- That’s much more of a worry than higher steel costs, CEO says
- Sam Allen says trade disputes would be bad for his customers
Corn is harvested with a John Deere & Co. 9670 STS combine harvester in Malden, Illinois, U.S.
Photographer: Daniel Acker/Bloomberg
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Deere & Co., the world’s largest maker of agricultural equipment, is concerned that rising trade tensions between the U.S. and other countries could affect sales of its signature green-and-yellow tractors and combines.
While U.S. tariffs on imports of steel and aluminum will have a financial impact on the company, Deere is "much more worried" about possible trade retaliation targeting American agricultural products, Chief Executive Officer Sam Allen said. Deere shares fell as much as 2.7 percent in New York.