Farm equipment purchases plunged in the first quarter as U.S. producers struggle with falling commodity prices and the fallout of President Trump’s trade wars.
Purchases of farm equipment plunged by an annualized $900 million in the first quarter of the year, the sharpest drop in three years, as U.S. producers struggle with falling commodity prices and the fallout of President Trump’s trade wars.
The fresh signs of financial pressure on farmers, local tractor dealers and the other suppliers that support them underscore the rising political danger the trade war presents to Trump as a negotiating team heads to Beijing next week for another round of trade talks. Lopsided support from rural areas was a key driver for Trump’s narrow 2016 victory over Democrat Hillary Clinton.
The trade war struck another blow, as key importers of U.S. agricultural products such as China, Canada and Mexico have retaliated against Trump’s tariffs with duties targeting American farmers.
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