CF · 10-Q · 2026Q2 · Full report
Trade Policy and Tariffs
CF Industries Holdings, Inc. · 2026-08-06 · Importance 49 · Surprise 68 · In source text
U.S. tariff policy changed materially in 2026 after the Supreme Court ruled on February 20 that IEEPA did not authorize the president to impose the relevant tariffs. The administration subsequently imposed a 10% tariff on most imports for up to 150 days, while maintaining exemptions for Canadian USMCA goods and most fertilizer products, including ammonia. Section 301 actions also produced 10% and 12.5% tariffs on more than 60 countries effective July 24, 2026, but ammonia and specified fertilizer products were exempted. The EU eliminated most-favored-nation tariffs on U.S. nitrogen fertilizer imports through at least the end of 2029, while additional U.S.-Canada tariffs effective August 19, 2026 exclude nitrogen products; management nonetheless expects policy changes to affect global trade, capital-equipment costs and supply-demand conditions.
Key facts
- On February 20, 2026, the U.S. Supreme Court ruled that IEEPA does not authorize the president to impose tariffs, and the Trump administration imposed a 10% tariff on most products imported into the United States on or after February 24, 2026 which may run for up to 150 days absent further congressional extension. source
- On July 23, 2026 USTR finalized its investigation and, effective July 24, 2026, imposed 10% and 12.5% tariffs on more than 60 countries for failure to impose or effectively enforce bans on importation of goods produced with forced labor, while prior exclusions and exemptions including ammonia were maintained. source
- On July 20, 2026, the Trump administration issued three executive orders to impose additional 50% tariffs on specified products imported from Canada effective August 19, 2026; these executive orders do not subject nitrogen products to these tariffs. source
- Effective July 1, 2026, the EU implemented a U.S.-EU framework to eliminate MFN tariffs on EU imports of all U.S. nitrogen fertilizer products through at least the end of 2029. source
- Effective November 13, 2025, the Trump administration exempted most fertilizer products including urea, UAN and AN, but not ammonia, from IEEPA global tariffs announced on April 5, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | contingent | — | On February 20, 2026, the U.S. Supreme Court ruled that IEEPA does not authorize the president to impose tariffs, and the Trump… |
| operating_income | positive | realized | — | On July 23, 2026 USTR finalized its investigation and, effective July 24, 2026, imposed 10% and 12.5% tariffs on more than 60 countries… |
| revenue | positive | probable | — | Effective July 1, 2026, the EU implemented a U.S.-EU framework to eliminate MFN tariffs on EU imports of all U.S. nitrogen fertilizer… |