Business
John Deere forecasts $600 million in tariff impacts this year

The John Deere logo is displayed as attendees view a 5105M utility tractor at the Deere & Co. booth during the World Ag Expo at the International Agri-Center in Tulare, California on February 11, 2025.
Patrick T. Fallon | AFP | Getty Images
John Deere is warning that tariff costs for the agricultural machinery company could reach a total of $600 million for the fiscal 2025 year.
The company released its fiscal third-quarter earnings report Thursday, beating on the top and bottom lines but posting significant year-over-year decreases in net income and sales.
The stock sank roughly 7% in midday trading.
The company noted that operating profits for the quarter decreased primarily due to higher tariffs and production costs associated with it.
Deere’s Director of Investor Relations John Beal said on an earnings call with analysts Thursday that the company took a significant hit in the third quarter due to tariffs.
“Tariff costs in the quarter were approximately $200 million, which brings us to roughly $300 million in tariff expense year-to-date based on tariff rates in effect as of today,” Beal said. “Our forecast for the pre-tax impact of tariffs in fiscal 2025 is now adjusted to nearly $600 million.”
Here’s how the company performed in the fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $4.75 per share vs. $4.63 expected
- Revenue: $10.36 billion vs. $10.31 billion
For the quarter ending July 24, Deere reported a net income of $1.29 billion, down 26% from $1.73 billion the year prior. The company’s total net sales of $12.02 billion took a 9% hit over the period, down from $13.15 billion.
Deere also trimmed the high end of its net income outlook for the fiscal year to $4.75 billion to $5.25 billion, compared with a prior estimate of $4.75 billion to $5.5 billion.
“We remain committed to delivering solutions that address our customers’ current needs while also laying the groundwork for future growth,” CEO John May said in the report. “The positive outcomes we’re enabling reinforce our confidence in Deere’s future despite near-term uncertainty.”
Oppenheimer analyst Kristen Owen said the company is taking an “appropriately cautiously optimistic outlook” given the broader economic environment.
“Really, a lot of the uncertainty is what does ’26 look like,” Owen said on CNBC’s “Money Movers.” “What does 2026 demand look like now that we’re in this environment where the commodities backdrop isn’t nearly as favorable as it was six months ago, and you have an awful lot of trade uncertainty?”
Deere also noted that the company is seeing green shoots of growing demand in Europe and South America.
Cory Reed, the president of Deere’s worldwide agriculture and turf division, said on the call that the company believes there are good things yet to come out of the economic struggles.
“We think there’s positive tailwinds from both what we see in the trade deals, and we think there are positive tailwinds from what we see in tax policy,” Reed said.
Business
Trade talks: India, EU wrap up 14th round of FTA negotiations; push on to seal deal by December – The Times of India

India and the 27-nation European Union (EU) have concluded the 14th round of negotiations for a proposed free trade agreement (FTA) in Brussels, as both sides look to resolve outstanding issues and move closer to signing the deal by the end of the year, PTI reported citing an official.The five-day round, which began on October 6, focused on narrowing gaps across key areas of trade in goods and services. Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the final days to provide additional momentum to the talks.During his visit, Agrawal held discussions with Sabine Weyand, Director General for Trade at the European Commission, as both sides worked to accelerate progress on the long-pending trade pact.Commerce and Industry Minister Piyush Goyal recently said he was hopeful that the two sides would be able to sign the agreement soon. Goyal is also expected to travel to Brussels to meet his EU counterpart Maros Sefcovic for a high-level review of the progress made so far.Both India and the EU have set an ambitious target to conclude the negotiations by December, officials familiar with the matter said, PTI reported.Negotiations for a comprehensive trade pact between India and the EU were relaunched in June 2022 after a hiatus of more than eight years. The process had been suspended in 2013 due to significant differences over market access and tariff liberalisation.The EU has sought deeper tariff cuts in sectors such as automobiles and medical devices, alongside reductions in duties on products including wine, spirits, meat, and poultry. It has also pressed for a stronger intellectual property framework as part of the agreement.For India, the proposed pact holds potential to make key export categories such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery more competitive in the European market.The India-EU trade pact talks span 23 policy chapters covering areas such as trade in goods and services, investment protection, sanitary and phytosanitary standards, technical barriers to trade, rules of origin, customs procedures, competition, trade defence, government procurement, dispute resolution, geographical indications, and sustainable development.India’s bilateral trade in goods with the EU stood at $136.53 billion in 2024–25, comprising exports worth $75.85 billion and imports valued at $60.68 billion — making the bloc India’s largest trading partner for goods.The EU accounts for nearly 17 per cent of India’s total exports, while India represents around 9 per cent of the bloc’s overall exports to global markets. Bilateral trade in services between the two partners was estimated at $51.45 billion in 2023.
Business
Telcos network costs rise: Gap between expenditure and revenue exceeds Rs 10,000 crore; COAI flags rising network investment burden – The Times of India

The gap between telecom operators’ network expenditure and revenue continues to widen, prompting industry body COAI to defend calls for higher mobile tariffs, citing the increasing financial burden of network deployment on service providers.Speaking at the India Mobile Congress, Cellular Operators Association of India (COAI) Director General, SP Kochhar, told PTI that while the government has provided significant support to telecom operators through policies such as the right of way (RoW), several authorities continue to levy exorbitant charges for laying network elements.“Earlier, the gap until 2024 for infrastructure development and revenue received from tariffs was around Rs 10,000 crore. Now it has started increasing even further. Our cost of rolling out networks should be reduced by a reduction in the price of spectrum, levies etc. The Centre has come out with a very good ROW policy. It is a different matter that many people have not yet fallen in line and are still charging extremely high,” Kochhar said.He also defended the recent cut in data packs for entry-level tariff plans by select operators, stressing that the move was necessary given competitive pressures.Kochhar pointed out that competition among the four telecom operators remains intense, and there has been no significant trend suggesting that consumers are shifting towards low-cost data options.“There is a need to find ways to make high network users pay more for the data. Seventy per cent of the traffic which flows on our networks is by 4 to 5 LTGs (large traffic generators like YouTube, Netflix, Facebook etc). They pay zero. Nobody will blame OTT but they will blame the network. Our demand to the government is that they [LTGs] should contribute to the development of networks,” Kochhar said.He added that the investments made by Indian telecom operators are intended for the benefit of domestic consumers and are not meant to serve as a medium for profit for international players who do not bear any cost.
Business
Indias Real Estate Equity Inflows Jump 48 Pc In Q3 2025: Report

NEW DELHI: Equity investments in India’s real estate sector jumped 48 per cent year-on-year to $3.8 billion in the July-September period (Q3), a report said on Friday. This growth in inflow was primarily fuelled by capital deployment into land or development sites and built-up office and retail assets, according to the report by real estate consulting firm CBRE South Asia.
In the first nine months of 2025, the equity investments increased by 14 per cent on-year to $10.2 billion — from $8.9 billion in the same period last year.
The report highlighted that land or development sites and built-up office and retail assets accounted for more than 90 per cent of the total capital inflows during Q3 2025.
On the category of investors, developers remained the primary drivers of capital deployment, contributing 45 per cent of the total equity inflows, followed by Institutional investors with a 33 per cent share.
CBRE reported that Mumbai attracted the highest investments at 32 per cent, followed by Pune at around 18 per cent and Bengaluru at nearly 16 per cent.
Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE, said that the healthy inflow of domestic capital demonstrates the sector’s resilience and depth.
“In the upcoming quarters, greenfield developments are likely to continue witnessing a robust momentum, with a healthy spread across residential, office, mixed-use, data centres, and I&L sectors,” he added.
In addition to global institutional investors, Indian sponsors accounted for a significant part of the total inflows.
“India’s ability to combine strong domestic capital with global institutional participation will remain a key differentiator in 2026 and beyond,” added Gaurav Kumar, Managing Director, Capital Markets and Land, CBRE India.
CBRE forecasts a strong finish for the investment activity in 2025, fuelled by capital deployment into built-up office and retail assets.
For the office sector, the limited availability of investible core assets for acquisition indicate that opportunistic bets are likely to continue gaining traction, the report noted.
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