Though China announced tariffs on U.S.-made farm equipment, manufacturers Deere, CNH Industrial and Agco face a bigger threat from a North American trade war. The companies’ sales, supply chains and manufacturing sites are enmeshed across the U.

Last-minute phone calls pull the North American neighbours back from the brink of a trade war, but the US is still targeting Chinese imports.

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.