Uranium is in the crosshairs of the US-Canada tariff battle
1 min read
Summary
The US gets more than a quarter of its uranium from Canada, but the Trump administration has imposed and then paused new tariffs on uranium and other goods from Canada, which could contribute to rising uranium prices.
The US gets more uranium from Canada than any other country, with the material used to fuel 98 of the country’s reactors.
Cameco, one of the world’s biggest uranium producers, has warned that the tariffs would lead to price increases, with its CFO saying a 10% tariff would lead to a 10% rise in uranium prices.
The US only holds around 1% of the world’s uranium reserves, with Canada holding around 10 times as much and the country increasingly looking to nuclear energy to power data centres.
The Biden administration banned uranium imports from Russia last year after the Russia-Ukraine war.