John Deere is cutting 238 jobs at three factories in Moline, East Moline, and Waterloo, Iowa. The company reported a 26% drop in net income and a 9% decline in sales, citing lower commodity prices and higher tariffs. Tariff costs in the quarter totaled approximately $200 million, bringing year-to-date tariff expense to roughly $300 million, according to director of investor relations Josh Beal. Former Vice President Mike Pence tweeted a link to the report and reiterated his opposition to President Trump's tariff strategy, saying American companies and consumers pay the cost and calling to return to free trade with free nations. Pence has not endorsed Trump for 2024 but has remained friendly.
The farm equipment maker is an American manufacturer that Republicans say tariffs will help. Maybe not. The Moline, Ill., company is laying off 238 workers at three factories in Moline, East Moline, and Waterloo, Iowa, in the coming weeks. This month the company reported a 26% drop in net income and 9% decline in sales, owing to lower commodity prices and higher tariffs.
Tariff costs in the quarter were approximately $200 million, which brings us to roughly $300 million in tariff expense year to date, said director of investor relations Josh Beal. In a tweet posted Monday morning, Pence included a link to the article and reaffirmed his opposition to Trump's tariff strategy. American Companies and American Consumers Pay the Cost of American Tariffs, Pence said. Time to Get Back to Free Trade with Free Nations!
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