Uranium market freezes as Trump tariff threats rattle buyers

Cigar Lake uranium mine. Image from Cameco. The North American uranium market is grinding to a halt as US nuclear-power companies spooked by President Donald Trump’s tariff threats slow purchases and delay new contracts.

US utility purchases of the nuclear fuel dropped by half as the imposition of Trump’s 10% levy on Canadian energy exports approaches, according to the most recent data from pricing firm TradeTech. Reactor operators who typically rely on term contracts are standing on the sidelines to see how the tariffs play out.

Few sectors are as at-risk as US nuclear power, which relies on Canada for more than one-fourth of its uranium — more than any other source. Uncertainty about the scope and duration of levies, set to kick in on April 2, has discouraged buyers of the reactor fuel. It’s also setting the stage for additional market dislocation when nuclear operators eventually begin to exhaust inventories. […]

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