Republican presidential nominee former President Donald Trump speaks at a campaign event at a farm, Monday, Sept. 23, 2024, in Smithton, Pennsylvania.
- Former President Donald Trump threatened John Deere with a 200% tariff if the agricultural manufacturer moves some of its production to factories in Mexico.
- John Deere plans to shift production of some of its models to Mexico, a move that has resulted in layoffs at some facilities in Iowa.
- Shares of Deere dipped about 1.6% in after-hours trading. Trump made the threat shortly after the closing bell.
Former President Donald Trump on Monday threatened John Deere with a 200% tariff if the agricultural manufacturer moves production to factories in Mexico.
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"They've announced a few days ago that they're going to move a lot of their manufacturing business to Mexico," the Republican nominee said at a policy roundtable in Smithton, Pennsylvania, hosted by the Protecting America Initiative.
"I'm just notifying John Deere right now: If you do that, we're putting a 200% tariff on everything that you want to sell into the United States," said Trump, who has made tariffs a key focus of his campaign's economic policy.
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John Deere has announced that it plans to shift production of some of its models to Mexico, a move that has resulted in layoffs at facilities in Iowa.
"It's hurting our farmers. It's hurting our manufacturing," Trump said Monday.
Reached by CNBC for comment, a John Deere spokesperson pointed out a page on its website titled "John Deere's Commitment To U.S. Manufacturing," where it touts its investments in American factories and workers.
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The page also said, "In order to position our U.S. factories to undertake these highly value-additive activities it is sometimes necessary to move less complex operations, such as cab assembly, to other locations."
Monday appeared to be the first time Trump had singled out John Deere. The former president's comments appeared to be off the cuff, prompted only by the John Deere tractors that were set up as the backdrop of the event.
As of 6 p.m. ET, shares of Deere were down 1.7% in after-hours trading. Trump made the threat shortly after the closing bell.
The former president made similar threats Monday to automakers that manufacture cars in Mexico.
"We're going to put big tariffs on those cars that are coming in here at 100[%] to 200%, and they're no longer going to be competitive," he said, "so you better stay in Michigan."
