1319 ET - Shares of farm equipment manufacturers Deere and Caterpillar are falling as tariffs announced by President Trump yesterday are expected to hurt not only agricultural demand, which is important to the customer base, but also making materials used to build farm machinery more expensive. "The average duty for construction machinery-bulldozers, shovel loaders-will increase by 21.6%-points while parts for farm and construction equipment face an average 11.1%-point tariff increase," says Chris Rogers of S&P Global Market Intelligence. "Farm equipment firms also face additional complications as many of the products that are used for making their machines, including engines, wiring looms and more, are also subject to the new 'automotive sector' tariffs." Deere falls 3.4% and Caterpillar slides 6.9%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 13:19 ET (17:19 GMT)
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