The comment comes after Trump said on Monday that Deere and other tractor manufacturers are “going to have to reduce their prices because farming equipment has gotten too expensive.”
“A lot of the reason is because they put these environmental excesses on the equipment, which don’t do a damn thing except make it complicated,” Trump said.
He delivered the comments at the White House amid an unveiling of the administration’s $12 billion aid package for farmers hurt by his tariff regime and low crop prices. At the same time, Deere was wrapping up its annual investor day in New York.
“We are doing all we can to help US farmers reduce input costs,” Deere said. The company’s latest machines are packed with automation, which help reduce expenses for labor and weed-killing chemicals.
Farm machinery costs started surging around the COVID-19 supply-chain disruptions, while increasingly high-tech options such as satellite connectivity have also raised prices. Import tariffs on steel and aluminum have pushed up costs for U.S. manufacturers.
Deere shares fluctuated between gains and losses on Tuesday, after dropping 1.8% in the previous session.
— By Michael Hirtzer (Bloomberg)
