Concerns Raised Over Impending Steel & Aluminum Tariffs
The Association of Equipment Manufacturers’ (AEM) latest U.S. Ag Tractor and Combine Report shows total sales of self-propelled combines in February grew 34 percent compared to last year and sales of 4-wheel drive tractors increased 9 percent. Sales of 2-wheel drive tractors declined 10 percent for February compared to last year.
“We’ve been cautiously optimistic for some growth in 2018, following a somewhat bumpy 2017 and positive overall numbers in January. However, it’s too soon in the year to predict where we’re headed,” said AEM Senior VP for AG Services Curt Blades.
“A major issue is pending U.S. steel tariffs and their implications on agriculture beyond the equipment sector. Past trade wars resulting from U.S. tariffs have targeted commodities, so this is a real concern. AEM and our manufacturers will be carefully monitoring their impact on tractor and combine sales in the coming months.”
Here is link to full report.