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TRUCKS MARKETS NEWS * Russia - Putin’s Tariffs Stall Russian Growth for Caterpillar
Moscow,Russia -Bloomberg, by Melita Marie Garza & Paul Abelsky -April 20, 2009: -- Prime Minister, Vladimir Putin’s, trade measures are starting to keep Deere & Co. combines and Caterpillar Inc. trucks out of Russian wheat fields and coal mines, dimming the companies’ prospects for expansion abroad... Deere and Caterpillar, reeling from the longest U.S. recession in a quarter century, were the companies most affected by loan restrictions and tariffs of as much as 25 percent that Putin imposed this year, according to a U.S. Chamber of Commerce survey of the top 50 American businesses operating in Russia... Putin is trying to boost Russian industries with tariffs on everything from drugs to farm equipment as declining oil revenue saps the nation’s economy. The policies are hurting sales by Caterpillar, and Deere, in a market where revenue was forecast to rise as much as sixfold in the next decade...
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