Deere, Farm Equipment Stocks Gain in Trump Plan to Aid Farmers

Trump's plan to aid farmers who've been hurt by his administration's tariffs are boosting farmers equipment stocks.

Author:: Katherine Ross
Publish date:: Jul 24, 2018 2:38 PM EDT

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Make tariffs great again.

Deere & Co. (DE) - Get Report and other farm equipment stocks soared on Tuesday, July 24, after Politico reported that President Donald Trump's administration announced that it will pledge $12 billion in aid to farmers to help offset his tariffs, which have been hurting the farming industry due to retaliation against U.S. meats, soybeans and fruits.

The report follows a tweet from the president, which claims that "Tariffs are the greatest!"

Deere was up more than 3% and CNH Industrial N.V. (CNHI) - Get Report was up nearly 4%. Titan International Inc. (TWI) - Get Report fell slightly while AGCO Corp. (AGCO) - Get Report was up nearly 1%.

However, the escalating trade war with China and the tensions with the EU and Canada have spooked other American companies, such as Harley Davidson Inc. (HOG) - Get Report , which announced during its earnings call on Tuesday that costs could increase by $55 million because of the tariffs.

The Department of Agriculture made its formal announcement about the farmers aid Tuesday afternoon.