John Deere & Firm CFO and senior vp Josh Jepsen discusses the companys Investor Day, highlighting the way forward for farming with autonomous tractors and See & Spray know-how on The Claman Countdown.
President Donald Trump mentioned Monday that his administration is planning to deal with the price of farming tools by easing regulatory burdens on tools producers.
Trump made the feedback throughout a roundtable about points affecting the U.S. agriculture trade, together with the administration’s plan to supply a roughly $12 billion bailout to farmers affected by commerce disruptions associated to tariffs.
“The other thing I’d like to add… and I think it’s very important, we’re going to also give the tractor companies, John Deere and all of the companies that make the equipment, we’re going to take off a lot of the environmental restrictions they have on machinery.”
“It’s ridiculous. I know because I buy a lot of that machinery for different things. We have a lot of big clubs with hundreds, thousands of acres, and I buy a lot of stuff,” the president added.
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A John Deere tractor pulling a trailer as a mix harvests soybeans. (Richard Hamilton Smith/Design Pics Editorial/Common Pictures Group by way of Getty Pictures / Getty Pictures)
Trump mentioned that the upper tools prices stem from environmental laws requiring the inclusion of extra know-how geared toward issues like lowering emissions or conserving power.
“You buy it and it’s got so much equipment on it for the environment that doesn’t do anything, except it makes the equipment much more expensive and much more complicated to work, and it’s not as good as the old days,” Trump mentioned.
“We’re going to take a lot of that nonsense off of the equipment… and we’re going to do it, and we’re going to say you’re going to reduce the prices,” the president mentioned. “Farming equipment has gotten too expensive, and a lot of the reason is because they put these environmental excesses on the equipment which don’t do a damn thing except make it complicated, make it impractical.”
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Ticker Safety Final Change Change % DE DEERE & CO. 466.35 -8.76
-1.84%
The president mentioned that the Environmental Safety Company (EPA) will work with the Division of Agriculture (USDA) on easing these environmental laws on agricultural tools producers.
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President Donald Trump mentioned environmental guidelines have made farm tools unnecessarily complicated. (Andrew Caballero-Reynolds/AFP by way of Getty Pictures)
John Deere responded to an inquiry concerning the president’s feedback and informed FOX Enterprise that the corporate is “proud to serve and stand with our strong and resilient customers.”
“John Deere shares the Administration’s focus on reducing costs for our nation’s agricultural producers and consumers. We are doing all we can to help U.S. farmers reduce input costs,” the corporate mentioned.
Trump mentioned he plans to scale back environmental laws on agricultural tools producers. (Invoice Barksdale/Design Pics Editorial/Common Pictures Group by way of Getty Pictures)
“The equipment and technologies Deere makes here in the U.S. are giving American farmers new tools and technologies that can substantially reduce their input costs and labor costs while increasing yields, boosting their margins,” it mentioned.
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John Deere added that it stands able to proceed to work with the Trump administration and Congress to “advance policies that support the rural economy through challenging cycles.”
