John Deere expects U.S.-China trade war to hurt its bottom line in 2020

• "John Deere’s performance reflected continued uncertainties in the agricultural sector. Lingering trade tensions coupled with a year of difficult growing and harvesting conditions have caused many farmers to become cautious about making major investments in new equipment," Deere CEO John May said in the report.

The big picture: Deere said it predicts sales of its agriculture and turf equipment will decline between 5% and 10%, while sales in its construction and forestry division may be down between 10% to 15%.

• It also believes agriculture sales in the U.S. and Canada — its largest markets — will slump by 5%, citing decreasing demand.

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