Wednesday, March 21, 2018

Deere president worried by Trump trade threats

Deere & Co. is worried that United States President Donald Trump might trigger a trade war that would sharply reduce exports of corn and soybeans, hurting the
While U.S. tariffs on imports of steel and aluminum will have a financial impact on the company, Deere is "much more worried" about possible trade retaliation targeting American agricultural products, chief executive officer Sam Allen is quoted by Bloomberg News agency.
"If China no longer buys U.S. soybeans or Mexico no longer buys U.S. corn, that would be really bad for our customers and that would be much more impactful on us," he said Tuesday in an interview at a company factory in Indaiatuba in Sao Paulo state, Brazil.
About one-third of U.S. agriculture is exported, Allen said. That trade flow could be in jeopardy if President Donald Trump follows through on repeated threats to quit the North American Free Trade Agreement, or if China imposes tariffs or quotas.