financetom
Business
financetom
/
Business
/
Trump threatens John Deere with 200% tariffs if production moves to Mexico
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump threatens John Deere with 200% tariffs if production moves to Mexico
Sep 29, 2024 7:12 AM

By Gram Slattery and Kanishka Singh

WASHINGTON, Sept 23 (Reuters) - Donald Trump said on

Monday he would slap a 200% tariff on John Deere's ( DE )

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 ( DE ) 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.

"As you know, they've announced a few days ago that they are

going to move a lot of their manufacturing business to Mexico,"

Trump said at an event held in western Pennsylvania. "I am just

notifying John Deere ( DE ) right now that if you do that, we are

putting a 200% tariff on everything that you want to sell into

the United States."

The Republican presidential candidate has frequently said he

would slap automakers that move their production to Mexico with

a 200% tariff, but this appears to be the first time he has

extended that threat to an agricultural equipment company.

Shares in John Deere ( DE ) fell more than 1.5% in after-hours

trade on Monday after closing up 0.75%. A representative for the

company did not respond to a request for comment.

Trump has made erecting extensive tariffs the central

element of his economic plan should he beat Vice President

Kamala Harris, the Democratic nominee, in the Nov. 5 election.

The strategy is designed to protect American jobs from foreign

competition, but economists warn his measures will boost

inflation.

Speaking to a gathering of farmers in a rural area outside

of Pittsburgh, Trump also said he would press Chinese President

Xi Jinping to honor a deal to purchase $50 billion of U.S.

agricultural goods.

During the so-called "Phase 1" trade deal inked between

China and the United States during Trump's 2017 to 2021 term,

the U.S. agreed to cut some tariffs on Chinese goods in exchange

for pledges to purchase more American agricultural products,

energy and manufactured goods. At the time, Trump said China

would buy $50 billion in U.S. agricultural products, though

Chinese purchases fell well short of that figure.

"Probably my first call - I'm going to call President Xi -

I'm going to say you have to honor the deal you made. We made

the deal, you buy $50 billion worth of American farm products,

and I guarantee you, he will buy it, 100% he will buy it," Trump

said.

Farmers and industrial workers are a crucial part of Trump's

coalition, and turning out these constituencies will be

important if he is to beat Harris. That is especially true in

Pennsylvania, where polls consistently show a razor-thin race.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Sep 29, 2024
...
Federal Investigations Continue For Psychiatric Hospital Chain Operator Acadia Healthcare Even After $20M Settlement Over False Claims Allegations
Federal Investigations Continue For Psychiatric Hospital Chain Operator Acadia Healthcare Even After $20M Settlement Over False Claims Allegations
Sep 29, 2024
On Friday, Acadia Healthcare Company Inc. ( ACHC ) agreed to pay $16.6 million to resolve allegations that it violated the False Claims Act by billing federal healthcare programs for unnecessary or non-compliant inpatient behavioral health services. The company operates facilities across the United States. Four states involved in the case—Florida, Georgia, Michigan, and Nevada—will receive additional settlements of $3.2...
Paycom Software Insider Sold Shares Worth $664,602, According to a Recent SEC Filing
Paycom Software Insider Sold Shares Worth $664,602, According to a Recent SEC Filing
Sep 29, 2024
10:11 AM EDT, 09/27/2024 (MT Newswires) -- Chad R. Richison, 10% Owner, Director, CEO, President and Chairman, on September 25, 2024, sold 3,900 shares in Paycom Software ( PAYC ) for $664,602. Following the Form 4 filing with the SEC, Richison has control over a total of 6,315,793 shares of the company, with 2,801,160 shares held directly and 3,514,633 shares...
ITA expects higher full-year revenue as it prepares to join Lufthansa group
ITA expects higher full-year revenue as it prepares to join Lufthansa group
Sep 29, 2024
MILAN (Reuters) - Italy's ITA Airways said on Friday it expects passenger revenue to increase by a quarter in 2024 from last year as it flies with fuller planes, after core profit turned positive in the first half. The Italian state-controlled carrier, which is soon to enter the Lufthansa group, expects full-year sales to hit 2.7 billion euros ($3.02 billion),...
Copyright 2023-2026 - www.financetom.com All Rights Reserved