US farm and construction equipment makers fall on China's retaliatory tariffs

Shares of U.S.-based construction and farm equipment makers fall premarket after China imposed 34% retaliatory tariffs on all U.S. goods

Beijing's retaliatory tariffs add to an earlier 10% tariff it placed on the industry in March, impacting companies such as Caterpillar CAT.N, Deere DE.N, CNH Industrial CNH.N and AGCO AGCO.N

Shares of CAT down more than 6%, DE drops 2.9%, CNH loses 4.4% and AGCO falls more than 5%

The move comes after Trump's announcement of imposing 34% tariff on China, on top of the 20% he imposed earlier this year, bringing the total new levies to 54%

YTD, Dow Jones U.S. Industrials Index .DJI has fallen 13%