Trump Signals Iran Talks and Belarus Potash Deal as Xi Summit Approaches

President Donald Trump announced two major diplomatic and trade developments on September 21, posting on Truth Social that the United States is working on a deal to purchase potash from Belarus at prices substantially below what it currently pays Canada, a move he framed as a direct benefit to American farmers and ranchers. The announcement follows a broader diplomatic thaw with Minsk, which had seen the U.S. lift sanctions on Belarus's potash sector in December 2025 in exchange for the release of political prisoners, with further prisoner releases secured earlier in September 2026.

On the energy front, Trump said Russia has lost control of its diesel oil industry as a result of its war with Ukraine. Separately, he signaled he may be open to talking with Iran, sending crude oil prices below $100 a barrel. WTI futures fell 2.7% to around $97.59 a barrel and Brent dropped 2.8% to approximately $101 a barrel after the remarks, pulling back from gains of more than 11% on the month.

All of this comes ahead of a closely watched Trump-Xi summit, set for September 24 in Washington. Xi Jinping is skipping the UN General Assembly to meet Trump directly. Preparatory talks between Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng were described as successful, covering trade and artificial intelligence. A state dinner with roughly 100 guests is planned, and markets are watching the meeting as a key event alongside Fed speakers, PMI data, and durable goods figures due the same week.