(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.

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