WASHINGTON, March 27 - President Donald Trump on Friday publicly urged major manufacturers of farm equipment to cut the prices farmers pay for tractors and other machinery. At a White House event, he named John Deere, Case and Caterpillar and said he wanted them to pass savings on to agricultural customers in the form of lower equipment costs.
Market reactions to the president's remarks were visible in share movements for the companies named. Deere & Co shares fell about 2% following the statement, while CNH, the maker of Case equipment, declined around 1%. Caterpillar's stock was roughly unchanged after the comments.
Speaking at the event, the president said: "I want John Deere and Case and all of - they’re great companies, Caterpillar... I want these companies to give it to you in the form of lower tractor and equipment costs." The comment was delivered in the context of a broader set of proposals and actions aimed at agricultural interests.
In addition to the appeal to equipment makers, the administration announced several measures directed at farming communities. The U.S. Small Business Administration was said to be opening up new loan guarantees intended for farmers and food suppliers. The president also cited an update to renewable fuel standards and stated he would pursue additional relief for farmers from Congress.
The announcements combined direct encouragement for private-sector price reductions with policy actions and requests to the legislative branch. The public remarks and the steps described at the White House event were framed as responses to agricultural sector concerns, though the companies named were not reported to have agreed to any pricing changes at the time of the event.
Summary of announcements
- President requested major farm-equipment manufacturers lower tractor and equipment costs for farmers.
- Deere & Co shares fell roughly 2% after the statement; CNH fell about 1%; Caterpillar was roughly unchanged.
- Administration actions included new SBA loan guarantees for farmers and food suppliers, an update to renewable fuel standards, and a pledge to seek further relief from Congress for farmers.