Tariffs cost John Deere $600 million

(CNN)– One of the country’s most iconic agriculture brands says tariffs are hurting it.

In an earnings call Thursday, Aug. 14, tractor maker John Deere estimated tariffs could cost it $600 million this year.

The company has already attributed $300 million worth of costs to tariffs for 2025.

That helped sink net income for the quarter.

Wall Street punished the company with a nearly 7% drop in its share on Thursday.

Company executives said they are counting on trade deals and a more favorable tax environment help it in the future.