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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:

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President Joe Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to sooth a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 29 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 51 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.