BUZZ-Uranium miners fall as Trump imposes tariffs

Updates

Shares of uranium companies fall as U.S. President Donald Trump orders sweeping tariffs on goods from Canada and China

Tariffs, which will take effect from Tuesday, include 25% levy on most goods from Canada, 10% on energy imports from Canada and 10% on Chinese imports

Canada is world's second-largest producer of uranium after Russia and about 85% of its production is exported

Canada provided 27% of uranium to U.S. utilities in 2023, according to the U.S. Energy Information Administration (EIA)

"We think the 10% import tariff applied to Canadian uranium is relatively modest and unlikely to impact cross-border trade in the near-term, but could dampen near-term contracting activity given uncertainty around potential further trade war escalation," RBC Capital Markets says

Shares of miners NexGen Energy NXE.TO down ~1%, Cameco CCO.TO down 2.2% and Denison Mines DML.TO down 1.9%