President Donald Trump stated that the U.S. is in the midst of negotiating a deal to procure potash from Belarus.
Trump, on Monday, took to Truth Social and stated that the U.S. is negotiating a “massive deal” for potash procurement. “The pricing would be for substantially less than we are currently paying to Canada, very good news for our Farmers and Ranchers, ” said Trump.
Fertilizer stocks CF Industries (NYSE:CF), Nutrien Ltd. (NYSE:NTR), The Mosaic Company (NYSE:MOS), and Intrepid Potash (NYSE:IPI) closed down 3.47%, 3.31%, 1.67% and 1.55%, following Trump’s announcement on Monday.
Trump Eyes Belarus to Cut Canada Reliance
The announcement comes as Trump turns to alternative suppliers amid trade disputes with Canada, which is the world’s largest potash supplier. About 53% of Canada’s potash exports in 2024 went to the U.S. Meanwhile, a report from the U.S. Geological Survey found that 79% of the potash used by U.S. farms from 2021 to 2024 was sourced from Canada.
Saskatchewan Premier Scott Moe criticized a potential U.S. deal to buy potash from Belarus, warning that Belarus supports Russia’s war in Ukraine. “Buying blood potash from Belarus is supporting Russian aggression,” he said, according to the Winnipeg Free Press.
Earlier this month, Canada’s new tariffs on U.S. imports, ranging from 15% to 50%, took effect amid the ongoing trade tussle between the two neighboring countries.
Lukashenko Says Potash Supplies Are Fully Booked
However, Belarusian President Alexander Lukashenko, a close ally of Russian President Vladimir Putin, said on Monday that Belarus has no available fertilizer volumes to supply to the Western markets because its potash production is already fully contracted.
“Even if we wanted to supply [potash] to other, Western markets, we simply do not have those volumes — everything is contracted,” Lukashenko stated.
Lukashenko previously said that Belarus had resumed potash sales to the U.S. after Washington lifted sanctions on the country, according to a Reuters report. Another Reuters report stated that Lukashenko secured a U.S. commitment to help recover tens of millions of dollars in frozen Belarusian assets held by U.S. banks. The pledge came during talks in Minsk with U.S. presidential envoy John Coale, as Washington renewed efforts to persuade Lukashenko to release hundreds of political prisoners.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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