Reuters’ Gram Slattery and Kanishka Singh reported that “Donald Trump said on Monday he would slap a 200% tariff on John Deere’s imports into the United States if the company moved production to Mexico as planned, comments that hit the agricultural equipment manufacturer’s share price. Earlier this year, John Deere announced that it was laying off hundreds of employees in the Midwest and increasing its production capacity in Mexico, a decision that upset workers and some political leaders.”
At an event held in western Pennsylvania, Trump said he would also slap automakers with similar tariffs and is using tariffs as a central part of his economic plan should he win the Nov. 5 election. While the strategy is designed to protect American jobs from foreign competition, economists warn that such measures could increase inflation.
Deere, facing rising costs and declining demand, announced plans earlier this year to lay off over 800 workers in Illinois and Iowa. "Moline, Illinois-based Deere said in a statement it is committed to U.S. manufacturing with $2 billion invested in domestic plants since 2019.”
Source: Farmdoc | Read more »
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