A John Deere cotton stripper. Photo: Ivan Gubsky/TASS via Getty Images

John Deere said in its fourth-quarter earnings report on Wednesday that it expects lower earnings in 2020 due to a decline in worldwide equipment sales, Reuters reports.

Why it matters: The world's largest farm equipment manufacturer cited ongoing tensions from the U.S.-China trade war as well as harsh weather in the U.S. as factors that have led farmers and construction companies to decide against large new investments.

  • "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.

Go deeper:

Go deeper

Updated 17 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: Wisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  5. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  6. Sports: We've entered the era of limited fan attendance.
  7. Education: Why education technology can’t save remote learning.
2 hours ago - Health

Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic

President Trump attacked CNN for continuing to cover the coronavirus pandemic, calling the network "dumb b*stards" at a campaign rally in Prescott, Arizona on Monday.

Why it matters: The president's attacks on the media and Anthony Fauci, the government's top infectious-disease expert, come as coronavirus cases and hospitalizations are again surging across the country, just two weeks out from Election Day.

3 hours ago - World

Deal to remove Sudan as terror sponsor paves way for Israel move

President Trump announced Monday that he will be removing Sudan from the State Department’s state sponsors of terrorism list after the Sudanese government agreed to pay $335 million in compensation for families of American victims of terrorism.

The big picture: Trump's announcement is part of a wider agreement that is expected to include moves from Sudan toward normalizing relations with Israel.