Good morning, CFOs. A look at how tariffs impact one company’s business plans in the U.S.; Cracker Barrel faces backlash after updating its logo; plus, inside Intel’s tricky dance with President Trump.

Agco for years has been trying to boost its business in the U.S., where it has held the No. 3 spot in essentially a three-company farm-equipment market. But a wave of new tariffs means it will be harder to boost its standing there.

The Duluth, Ga., company doesn’t have enough U.S. sales to justify moving more production out of Europe, where it has most of its production and sales, Chief Financial Officer Damon Audia said. And the likely need to raise prices to offset tariff costs could further depress sluggish demand for farm equipment in the U.S., where the company is continuing to invest.

Meanwhile, in Europe, where much of its supply chain and sales are aligned, the company could see a boost by avoiding many tariff costs that its peers Deere & Co. and CNH Industrial face.

Agco, whose brands include Massey Ferguson, Fendt and Valtra, is evaluating whether to shift its supply sources, in instances where it has more than one distinct source for a particular component, Audia said. That could mean moving from suppliers in Europe to ones in the U.S., or from Western Europe to Eastern Europe. The company is also looking to push its suppliers to be more efficient with their operations to limit the tariff cost they pass onto Agco, Audia said.

📆 Earnings

• Okta
• PVH

📈 Economic Indicators

The Census Bureau releases the durable goods report for July.

The Conference Board releases its August consumer confidence survey.

Cracker Barrel planned to celebrate a fall menu and logo makeover with a festive country music concert in New York City, but its new logo stole the show—and not in a way the company intended.

On Monday, the company apologized for how it communicated the changes but didn’t pivot from plans to keep updating the brand. The chain replaced its longtime logo, featuring a man in overalls leaning against a barrel, with a streamlined version featuring just the chain’s name. The move engulfed the restaurant in a culture-war firestorm, with commentators online and some customers accusing Cracker Barrel of eschewing its country charm and heritage for a sanitized image.

The fallout has shaved tens of millions of dollars from the public company’s market value, spawned calls for boycotts and risked the casual-dining chain’s turnaround plan.

Further reading

• Cracker Barrel Fans Mourn the Loss of That Old-Timey Feeling
• Cracker Barrel Updates Menu, Decor. Some Miss Its Country Charm.

Exclusive: Lip-Bu Tan was anxiously preparing for the biggest meeting of his life.

Just five months into his tenure as chief executive of Intel, Tan was already fighting for his job. A few days earlier, Donald Trump had demanded he step down over his past ties to the Chinese military.

The demand sent Intel’s leadership into a panic. They immediately contacted the White House for a meeting, and Tan flew to Washington, huddling with his advisers for hours on Sunday, Aug. 10. His team reassured him that the president would hear him out because “Trump loves meetings with CEOs,” even those whom he has attacked publicly, according to people with knowledge of the conversations.

• Trump’s Intel Move Blurs Party Lines on Economic Intervention

📰 Other headlines

• America’s Most Popular Furniture Brands Face More Tariffs
• Exclusive: Silicon Valley Launches Pro-AI PACs to Defend Industry in Midterm Elections
• Elon Musk’s xAI Sues Apple and OpenAI, Alleging They Are Monopolists
• Perplexity Is Launching a New Revenue-Share Model for Publishers
• House Committee Issues Subpoena for Jeffrey Epstein Birthday Book
• Temu Owner PDD’s Profit Falls Less Than Expected
• Canada’s Big Banks Expected to See Revenue Boost From Solid Capital Markets
• Thoma Bravo to Buy Verint for $2 Billion
• JPMorgan, Already No. 1 in Card Spending, Wants Even More
• A Local Ice-Cream Chain Shows What American Brands Are Doing Wrong in China
• The Costly Ingredient That Big Food Companies Are Processing: MAHA
• There Is Now Clearer Evidence AI Is Wrecking Young Americans’ Job Prospects

Brown-Forman, the Louisville, Ky.-based alcohol company, said Chief Financial Officer Leanne Cunningham plans to retire next year. Cunningham expects to leave on May 1 after more than three decades, the company said. She joined in 1995 as a corporate accountant and became chief financial officer in July 2021. Brown-Forman began a formal search for Cunningham's successor and aims to name a successor by the end of this year.

Skyworks Solutions, the Irvine, Calif.-based analog and mixed-signal semiconductors, appointed Philip Carter as its next chief financial officer, effective Sept. 8. Carter rejoins Skyworks from Advanced Micro Devices, where he has been corporate vice president and chief accounting officer since November 2024. Before AMD, Carter was Skyworks' vice president, corporate controller and principal accounting officer.

Emera, the Halifax, Nova Scotia-based energy-services company, has appointed as finance chief Jared Green, the chief executive of natural-gas distribution utility TriSummit Utilities. Green will assume the role on or about Dec. 15. He is due to succeed Greg Blunden, who has been Emera's finance chief since 2016 and is set to take on a new role at the company as executive vice president of finance for Emera USA.

British American Tobacco said its Chief Financial Officer Soraya Benchikh was stepping down with immediate effect after just over a year in the role. The U.K. tobacco group, which makes the Kent and Lucky Strike brands, is launching a recruitment process to find a new CFO. Benchikh, who has been CFO since May 2024, remains available to support the transition until the end of the year, the company said Tuesday. Until a successor is found, Javed Iqbal—currently director, digital and information—is taking on the role on an interim basis.

—Katherine Hamilton, Kelly Cloonan, Robb M. Stewart and Sarah Sloat contributed to today’s Ledger.

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