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Investing.com -- The Trump administration has made a significant adjustment to its duty rate for potash, a key ingredient in fertilizers, that falls outside the U.S.-Mexico-Canada Agreement (USMCA) trade pact. The duty rate has been cut to 10% from its previous level of 25%. This change affects tariffs on both Canada and Mexico.
This decision was made public via a notice published in the Federal Register on Friday. The reduction in the duty rate signifies the administration’s ongoing adjustments to trade tariffs, particularly those involving Canada and Mexico. The USMCA trade pact, which replaced the North American Free Trade Agreement (NAFTA), has been a significant focus of the Trump administration’s trade policy.
Potash is a vital component in the agricultural sector, used extensively in fertilizers to increase crop yield. The reduction in duty rate for non-USMCA compliant potash could potentially impact the cost of this commodity in the U.S., Canada, and Mexico.
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