Equipment stocks drop as tariff woes shake industry

Equipment stocks experienced a turbulent last few days as new tariffs continued to negatively affect the marketplace and create concerns for dealers, lenders, manufacturers and rental houses.   

The Equipment Finance News Stock Index improved 0.7% to 491.14 at market close on April 2, the day new tariffs were announced by President Donald Trump. Still, the EFN Industry Stock Index remains down 7.8% through Q1 2025, including a 4.4% decline over the last month. 

Equipment Finance News Stock Index

Trump announced a 10% minimum tariff on all imports. No sector-specific exclusions are in place, though the administration may negotiate with countries. 

• AGCO Corp., down $10.39 or 11.23%; 

• Alta Equipment Group, down 81cents or 16.77%; 

• Caterpillar, down $28.90 or 8.64%; 

• CNH Industrial N.V., down $1.07 or 8.67%; 

• Deere & Co., down $23.45 or 4.98%; 

• Herc Rentals, down $12.33 or 8.67%. 

• Komatsu, down $1.48 or 5.03%; 

• Titan Machinery, down $2.28 or 13.42%; 

• United Rentals, down $55 or 8.51%; and 

• Volvo, down $1.46 or 4.95%; 

Industry solidarity 

The Association of Equipment Distributors questioned the tariffs. 

“Nonetheless, AED continues to advocate for dialog between trading partners and calls on the administration and global leaders to quickly work toward a resolution that restores certainty and predictability to the world economy,” AED President and Chief Executive Brian P. McGuire said in a statement today.  

“The equipment industry and our customers can ill-afford a pro-longed trade war that unnecessarily increases the costs of equipment and parts that are critical to building, feeding, and fueling the world.” 

Distributor CNH Industrial announced April 1 that it would suspend North American plant shipments and European imports, according to a CNH statement obtained by Equipment Finance News. 

“In North America, we are stopping shipments from North America plants and European imports effective today,” according to the statement. “This is a temporary move until we assess the full impact of planned tariffs on pricing. There are no impacts to production and parts shipments continue as planned. We will continue to monitor the situation.” 

The third annual Equipment Finance Connect at the JW Marriott Nashville in Nashville, Tenn., on May 14-15, 2025, is the only event that brings together equipment dealers and lenders to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.