President Trump is temporarily suspending countervailing duties on certain phosphate fertilizer imports.
USDA says the temporary suspension will increase phosphate fertilizer availability, improve competition, and help lower one of agriculture’s largest production expenses.
Current USDA information shows farmers could save about $1.82 billion dollars a year through lower fertilizer costs as additional supplies enter the U.S. market.
The action is expected to reduce phosphate fertilizer prices by some 22%, benefiting more than 100,000 farms across 97 million planted acres nationwide.
Meanwhile American Farm Bureau Federation President Zippy Duvall commented on President Trump’s executive order to lift countervailing duties on phosphate fertilizers from Morocco through early next year.
Duvall says in part that skyrocketing fertilizer costs have contributed to rising expenses for farmers who were already struggling after years of inflation, depressed commodity markets and high interest rates.
