Agricultural fertilizers have been impacted by import tariffs, with a 25% duty on those from China under the previous administration, and a 20% tariff on phosphate imports from Russia and Morocco by the current administration. Josh Linville of StoneX comments on potential implications if a 10% tariff on all imported goods is enacted, highlighting that while tariffs aim to impact the exporting countries, these nations can redirect their commodities due to the global nature of the market. This has been evidenced by the adaptability of countries like Russia and Morocco in the tightly constrained global phosphate market.
According to USDA, phosphate fertilizer prices have surged by 93%. Linville notes that while a proposed 60% tariff on Chinese goods wouldn't affect the US fertilizer market directly—since that trade has ceased—an expanded trade conflict involving all imports could have broader implications, especially concerning Russian exports of phosphate, potash, and nitrogen to the US.
Source: Aginfo