John Deere sales are down, Bessent says tariffs are not taxes 

Sales at John Deere are down, The New York Times reported last week, citing tariffs as one reason.

But Treasury Secretary Scott Bessent told NBC News “Meet the Press” on Sunday that tariffs are not taxes.

In asking Bessent a question, moderator Kristen Welker quoted a New York Times story that said, “Last month John Deere said net income in its most recent quarter was down 29% from a year earlier. Higher tariffs … have cost the company $300 million so far, with nearly another $300 million expected by the end of the year. This summer the company laid off 230 employees across factories in Illinois and Iowa.”

Welker then asked Bessent, “What do you say to companies like John Deere who say these tariffs are hurting them?”

Bessent said The New York Times had “cherry picked” John Deere. “And for every John Deere we have companies who are telling us, ‘The tariffs have helped our business.'”