Deere Slumps as Trade War Dims Outlook for Top Tractor Maker
- Sales growth for fiscal 2019 now projected at 5% down from 7%
- U.S. farmers face China trade war, heavy rain, soy demand drop
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The U.S.-China trade war is finally taking a visible toll on the world’s biggest maker of tractors.
Deere & Co. is no longer “cautiously optimistic” as it has been for so long. The machinery giant reported lower-than-expected earnings and cut its annual guidance as its farmer customers shun major purchases amid uncertainty about demand for their products.