President Donald Trump announced that the U.S. seeks to acquire potash from Belarus for "substantially less" than current payments to Canada. This proposed "massive deal" aims to reduce input costs for American farmers and ranchers by diversifying imports of the critical fertilizer ingredient. Shares of K+S fell after the announcement, which arrives during a trade fight with Canada, a major supplier of the mineral.

Logistics for the trade rely on Belarusian potash moving by rail through Russia for export from Baltic ports. Lithuania ended its transit arrangements for the landlocked nation's shipments in 2022 due to sanctions. The U.S. recently lifted sanctions on Belaruskali in exchange for the release of political prisoners by the Belarusian government.