Tractor maker Deere has warned that US President Donald Trump’s tariffs are backfiring on American farmers, prompting cash-strapped producers to delay replacing ageing equipment.
Cory Reed, president of the company’s agriculture and turf division, told the Financial Times that demand for expensive farm equipment in the US is faltering as growers contend with weak crop prices, higher input costs and persistent trade uncertainty.
“The large ag business has seen the most pressure, and that’s largely in the North American market,” he said in an interview in New York, referring to its unit that sells high-horsepower tractors, combines and sprayers, along with its precision agriculture technology.
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