Caterpillar Beating Deere Shows China Has Farming in Cross-Hairs
(Bloomberg) -- Caterpillar Inc. outperforming fellow machinery maker Deere & Co. in the stock market Wednesday shows where concern for China's retaliatory tariff threats is focused: agriculture.
Deerfield, Illinois-based Caterpillar was down about 1.5 percent at 1:02 p.m. in New York, while Deere had slumped 4 percent -- and as much as 6.2 percent.
China responded to the latest U.S. trade-protection measures with tariffs on imports of 106 U.S. products including soybeans. That stands to hurt Moline, Illinois-based Deere, the largest producer of farm machinery, more than Caterpillar, which targets mining, energy and construction.
To contact the reporter on this story: Joe Deaux in New York at jdeaux@bloomberg.net.
To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net, Steven Frank
©2018 Bloomberg L.P.
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