Business
USDA Tries to Ease Fertilizer Price Pain for Farmers
The Trump administration is trying to tame surging fertilizer prices—and thinks suppliers might be part of the problem.
U.S. Agriculture Secretary Brooke Rollins said Tuesday that the administration was taking several actions, such as temporarily loosening shipping restrictions, increasing imports and launching a Justice Department investigation into the major U.S. fertilizer companies.
Rollins said the USDA was also reviving a Biden administration-era program that pledged $900 million in funding to build new fertilizer plants in the U.S. About 30% of the world’s nitrogen fertilizer supply travels through the Strait of Hormuz, which has been blocked because of the war in Iran. About 75% of the nitrogen fertilizer market in the U.S. is controlled by four companies, Rollins said.
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