Investing.com -- President Donald Trump on Friday called on major agricultural equipment manufacturers to reduce costs for farmers, targeting companies including Deere & Co, CNH Industrial, and Caterpillar.

"I want John Deere and Case and all of - they're great companies, Caterpillar... I want these companies to give it to you in the form of lower tractor and equipment costs," Trump said at a White House event.

The president announced a series of actions aimed at supporting agricultural communities. The U.S. Small Business Administration will open up new loan guarantees for farmers and food suppliers, Trump said.

Trump also announced an update to renewable fuel standards and said he would seek additional relief for farmers from Congress.