Caterpillar, Deere fall after Trump announces tariffs

Shares of some industrial equipment makers fall in extended trading after U.S. President Donald Trump's tariff announcements

Caterpillar CAT.N and Deere & Co DE.N down more than 2% each

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners

"It will take years and billions of dollars to bring manufacturing jobs from new plants online, whereas expansions at existing factories could happen much sooner" - Art Wheaton, director of Labor Studies, Cornell University