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AI Turns the Cyclical Into the Secular

A Caterpillar 613C scraper at Ideal Tractor in West Sacramento, California, US, on Thursday, Aug. 7, 2025. Caterpillar Inc. has given investors annual guidance for the first time on how much tariffs will impact the maker of iconic yellow diggers and bulldozers this year, as the Trump administration's trade war deepens.Photographer: David Paul Morris/Bloomberg

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By Joe Weisenthal and Tracy Alloway

October 6, 2025 at 4:31 PM UTC

This article is for subscribers only.

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