Caterpillar and Deere shares fall after Trump's tariff plan

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

Caterpillar CAT.N down ~7% at %311.57 and Deere & Co DE.N down 3.4% at $455.10

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

"After a boom in sentiment following the election of what seemed to be a business-friendly President, the environment appears to have turned cloudier as dealers and end users assess whether the policies being implemented will be good for business and customers in the near-term," D.A. Davidson says

Analysts at Jefferies say 20% tariffs on all imports from EU will likely have largest impact for industrials

They add that peer AGCO AGCO.N likely largest exporter of product from EU to US, Deere imports mid-sized tractors from Germany and Caterpillar has focused factories in EU

Including session's moves, Dow Jones U.S. Industrials Index .DJUSIN has fallen 3.5% YTD