By Bob Tita
Manufacturers of farm and construction equipment warned that President Trump's tariff barrage will make it harder to sell their products overseas. "We are concerned that reciprocal tariffs on our trading partners will hurt our industry and our customers," said Kip Eideberg, vice president of government and industry relations for the Association of Equipment Manufacturers trade group.
Multinational manufacturers like Caterpillar and Deere operate factories in foreign markets, but also export some machinery from the U.S. that could be caught up in retaliatory tariffs from other countries now exposed to higher U.S. tariffs. U.S. machinery makers also rely on some overseas plants to supply components and machinery for the U.S. market. About a quarter of the farm machines sold in the U.S. by Georgia-based Agco are imported from Europe, according to Jefferies. Agco, Caterpillar and Deere shares moved lower in after-hours trading.
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April 02, 2025 20:24 ET (00:24 GMT)
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