New White House proclamation could lower fertilizer costs up to 22 percent

The United States is temporarily suspending countervailing duties (CVDs) on certain phosphate fertilizer imports. The initiative provides immediate relief to American farmers, who've been long-pressed by rising input costs resulting from geopolitical disruptions in the Strait of Hormuz.

The announcement was made after President Donald Trump signed a proclamation on June 30th. According to US Department of Agriculture (USDA) data, the initiative could reduce phosphate prices by approximately 22 percent, saving farmers up to $1.82 billion annually. 

"The temporary suspension will increase phosphate availability, improve competition, and help lower one of agriculture’s largest production expenses while supporting a stable and reliable supply ahead of future planting seasons," said the USDA in a press release. 

Fertilizer prices continue to press US farmers

This latest announcement builds on a series of actions taken by the Trump Administration to strengthen fertilizer affordability, including supporting long-term domestic production aimed at reducing American reliance on foreign sources.

*All images are referential.

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