Deere & Co reported a drop in third-quarter profit and warned of a bigger tariff hit than expected, causing shares to fall 7%. Trump’s tariffs have impacted companies relying on imported raw materials, worsening the demand for farm equipment due to low crop prices. The company now expects a pre-tax tariff impact of nearly $600 million for the year. Despite challenges, Deere managed to top analyst estimates for profit and revenue. Operating profit from key units halved, leading to a cut in the annual profit forecast. Global companies project a combined financial hit of $13.6 billion to $15.2 billion due to tariffs.

Read more at Yahoo Finance: Deere warns of bigger tariff hit after quarterly profit declines