Uranium Prices Poised to Surge Amid Trump’s 10% Tariff on Canadian Imports

Uranium Tariffs Shake Global Markets as U.S. Utilities Face Higher Costs

Editorial Team (ET)May 20, 2025

At the Bank of Montreal's metals and mining conference in Florida, Cameco’s Executive Vice President and CFO Grant Isaac labeled the tariff “the wrong strategy” for U.S. utilities. With over 2.1 billion pounds of uranium required by 2040 to sustain nuclear operations, any additional cost burden could have long-term repercussions.

“You're not going to get U.S. production covering the gap of the Canadian uranium production, period,” Isaac emphasized. The reality is that America’s domestic uranium production is far too small to fill the void, leaving utilities with no choice but to pay premium prices from non-tariffed countries or absorb the cost of Canadian imports.

Global Market Pressures Set to Intensify

According to the U.S. Energy Information Administration, Canada was the largest supplier of uranium to the U.S. in 2023, accounting for 27% of imports, followed by Australia and Kazakhstan (22% each). With the new tariffs in place, non-tariffed suppliers are likely to raise their prices to just below the new levies, squeezing American buyers even further.

The timing couldn’t be worse. While uranium prices have eased from their 2023 peak above $100 per pound, Sprott Asset Management reports that the U3O8 spot price has surged 186.14% over the past five years. Persistent supply challenges and rising nuclear commitments worldwide indicate that prices are poised to climb once again.

Trump’s Energy Policies vs. Market Realities

Trump’s campaign promises included cutting electricity costs in half within 18 months, but the imposition of tariffs on uranium—a critical component in nuclear energy—contradicts this goal. His Secretary of Energy, Chris Wright, declared a national energy emergency in January, pushing for an “American nuclear renaissance.” However, this policy shift has yet to show tangible benefits for domestic production.

With U.S. reactor requirements standing at 47 million pounds of uranium per year, many utilities face a stark choice: lock in contracts now or risk higher costs later. Some have prepared by stockpiling reserves, while others have been slow to adapt.

A Bull Market With More Room to Run?

According to Sprott ETF Product Manager Jacob White, uranium’s bull market is far from over. “With no meaningful new supply on the horizon for three to five years, we believe this bull market has further room to run,” White wrote in a recent report.

Cameco’s Isaac agrees that the market impact of tariffs cannot be ignored. While his company has structured its contracts to pass tariffs and taxes onto buyers, the broader implications for energy pricing and supply stability remain a concern.

For now, the uranium sector braces for the fallout as U.S. utilities scramble to secure long-term supplies in an increasingly uncertain landscape.

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