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Uranium is in the crosshairs of the US-Canada tariff battle

Spluk.ph by Spluk.ph
March 11, 2025
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Uranium is in the crosshairs of the US-Canada tariff battle
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President Donald Trump’s tariff threats may increase the worth of uranium used to gasoline US nuclear reactors, which may have ripple results on a tenuous nuclear renaissance spurred by the expansion of energy-hungry knowledge facilities.

The US will get more than a quarter of its uranium from Canada, greater than from some other nation. The Trump administration imposed new tariffs on uranium and different items on Canada this week, which he quickly paused after a inventory market drop and sell-off.

It may play into efforts to construct up a home uranium provide

It’s too quickly to know what the precise affect could be on the US’s nuclear power trade if tariffs transfer ahead. It may play into efforts to construct up a home uranium provide, which has gotten bipartisan assist and curiosity from main tech firms. However within the close to time period, the US nonetheless depends on its northern neighbor to maintain reactors operating.

Trump proposed a 10 percent tariff on power merchandise from Canada, however he introduced yesterday that it could be paused till at the very least April 2nd. Canada-based Cameco, one of many world’s largest uranium producers, warned that the tariffs would inevitably result in increased costs.

“It’s sort of Econ 101 to determine what the affect of tariffs are on this scenario,” Cameco CFO Grant Isaac stated in a February 20th earnings call. A ten % tariff would result in a ten % rise in uranium costs, Isaac stated, whether or not that’s from Canada or elsewhere. “Historical past tells us non-tariff nations will merely improve their provide costs to only below 10 %,” he stated. When reached for remark this week, a spokesperson for Cameco stated Isaac’s feedback on the decision nonetheless maintain.

The Nuclear Power Institute, a commerce affiliation based mostly in Washington, DC, was coy when requested about how the tariffs would possibly have an effect on the US nuclear power trade. “We agree in precept that actions ought to be taken to unleash America’s power dominance and defend our nationwide safety, whereas additionally creating a strong economic system that spurs job creation. Nevertheless, these measures may hinder development and innovation within the power sector and the nations’ means to realize power dominance,” Doug True, senior vice chairman of technical and regulatory providers and chief nuclear officer, stated in an emailed assertion.

Uranium costs have risen dramatically in recent years, with rising curiosity in nuclear power — together with from Google, Amazon, Microsoft, and Meta searching for out nuclear power to energy new AI knowledge facilities. Greater uranium costs incentivized the resurgence of uranium mining within the US, with the primary mine to open in nearly a decade beginning up close to the Grand Canyon final 12 months. The Russia-Ukraine war is one other issue, with the Biden administration banning uranium imports from Russia, one other main provider, final 12 months.

“Why are we depending on international nations when the US has the potential, has the sources, has the expertise to truly turn into power unbiased, particularly in nuclear?” says Jay Yu, president of LIS Applied sciences, a US-based laser uranium enrichment firm.

However even when the US builds up its home provide chain, it’s nonetheless constrained by geography. The US solely holds about 1 percent of the world’s uranium reserves, whereas Canada holds about 10 instances as a lot. “Tariffs would threaten uranium provide at a time when the US is searching for to broaden its nuclear dominance,” Gracelin Baskaran, director of the Crucial Minerals Safety Program on the Heart for Strategic and Worldwide Research, wrote in a late January analysis.

The emergence of DeepSeek’s AI models in China, which might ostensibly use a lot much less power than US rivals, has additionally made the way forward for data center energy use and nuclear energy extra uncertain.

Nuclear power remains to be a sensitive topic that’s created some unusual bedfellows. Not like coal and fuel energy crops, nuclear reactors don’t generate greenhouse fuel emissions. That’s put it on the desk as an alternative choice to fossil fuels that some local weather hawks champion. However somebody has to mine the uranium for these nuclear reactors, which some environmental teams and Indigenous activists are fighting fervently. The US has a history of uranium mines contaminating water resources on Navajo Nation land.

Trump, an enormous fan of the fossil gasoline trade that dumped tens of millions of dollars into his marketing campaign, has basically tried to eradicate action on the climate crisis within the US. He may carve out exceptions for nuclear power applied sciences which have garnered assist from extractive industries and Huge Tech. He tapped Chris Wright to guide the Power Division; Wright was beforehand the CEO of a serious oil and fuel service supplier and sat on the board of directors for an organization growing superior nuclear reactors with OpenAI CEO Sam Altman.

Uranium sits on the nexus of many alternative energy performs within the US, and tariffs may increase the stakes for everybody with one thing to lose or acquire.



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