May 17, 2019

John Deere sees earnings slump amid U.S.-China trade war

A John Deere combine harvesting rice in California's Sacramento Valley. Photo: Mardis Coers/Contributor via Getty Images

John Deere has lost its cautious optimism about the U.S.-China trade war amid sinking earnings and an uncertain demand for products, Bloomberg reports.

What's happening: "Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases," John Deere CEO Sam Allen said in a statement to Bloomberg on Friday.

The backdrop: Some farmers are delaying equipment purchases to cope with the financial fallout of President Trump's trade war. U.S. farmers' personal income declined by an annualized $11.8 billion between January and March, crunching potential spending that could buoy John Deere.

Go deeper: Trump administration has paid farmers $8.52 billion in aid to offset trade war

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 786,291 — Total deaths: 37,820 — Total recoveries: 166,088.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 3 a.m. ET: 164,620 — Total deaths: 3,170— Total recoveries: 5,943.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: World Bank warns economic pain unavoidable

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus has caused a "global shock" and significant economic pain "seems unavoidable in all countries," the World Bank said in an economic update for
East Asia and the Pacific on Monday.

The big picture: COVID-19 cases surged past 786,000 and the death toll exceeded 37,800 early Tuesday, per Johns Hopkins data. Italy reported more than 11,500 deaths.

Go deeperArrowUpdated 1 hour ago - Health

U.S. coronavirus updates: Death toll tops 3,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The U.S. death toll from the novel coronavirus surpassed 3,000 late Monday.

The state of play: There were more than 164,000 confirmed cases in the U.S. early Tuesday — more than any other country in the world, per Johns Hopkins data. The COVID-19 death toll stood at 3,170. The number of recoveries had risen to more than 5,900.

Go deeperArrowUpdated 5 hours ago - Health