Deere to slash costs after trade war hits earnings

CHICAGO: Deere & Co. on Friday announced a review of costs after quarterly profits yet again missed Wall Street's estimates, hurt by bad weather and the U.S.-China trade war that have depressed sales of farm machines.

The Moline, Illinois-based company cut its full-year earnings outlook for the second time in the past three months. The year-long tariff war between the United States and China has slashed the export earnings of American farmers. China imported US$9.1 billion of U.S. farm produce in 2018, down from US$19.5 billion in 2017, according to the American Farm Bureau.

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