Two weeks ago, Russia decided to impose restrictions on the export of enriched uranium to the US. At the time, this convinced Canadian uranium miners that only they could meet the needs of the United States.

According to media reports, these Canadian uranium miners have sped up production and signed forward supply contracts with US energy companies. But things got complicated after US President-designate Trump announced that he would impose 25% tariffs on “all products” in Canada.

Canadian uranium miners trading in US stocks last week affected by Russia's decision$Cameco (CCJ.US)$,$NexGen Energy (NXE.US)$with$Denison Mines (DNN.US)$It has climbed up 12.17%, 20.33%, and 14.35%, respectively. This week, the three stocks fell 3.64%, 6.42%, and 3.77%, respectively.

On Monday evening local time, Trump said on social media that from his first day in office, the US will levy 25% tariffs on “all” products from Mexico and Canada until the drug and illegal immigration issues are effectively resolved.

Trump believes that there are a large number of immigrants illegally entering the US along the border between Canada and Mexico, and there is no severe crackdown on drugs, leading to frequent crimes and widespread drug problems. He added that tariffs will be maintained until Canada and Mexico resolve these issues.

The Financial Services Association mentioned earlier that Canada appeared on Trump's list of the first batch of executive orders imposing tariffs, which is already surprising; and this tariff will cover all Canadian products, which makes the Canadian energy industry even more incredible.

According to the data, global uranium resources are mainly distributed in countries such as Australia, Kazakhstan, Canada, Russia, and Namibia. But Russia has nearly half of the world's uranium enrichment capacity, and the US is its biggest buyer.

As the world's second-largest producer of enriched uranium after Russia, Canadian companies said that there is a serious shortage of this commodity, and if the US implements a “comprehensive tariff” on Canada, it may push up the price of this radioactive substance in the US.

Uranium exploration company NexGen Energy is at least four years away from starting production in Canada. Company executives revealed that they are in in-depth discussions with US utilities on potential offtake agreements to meet the latter's growing demand for nuclear power.

NexGen Chief Commercial Officer Travis McPherson said, “We've never been more busy with this. After Russia announced the decision, our workload increased dramatically because US utilities were very eager to see Canadian sources to spread risk.”

Nuclear fuel market research and analysis company UxC said the bid price for uranium delivered in November 2025 jumped from $4 to $84 per pound after Russia announced restrictions.

Jason Barnard, CEO of uranium and lithium exploration company Foremost Clean Energy, said that pressure for uranium prices to rise further is inevitable. He added that the US may not be ready to deal with the effects of inflation.

McPherson pointed out that both Canada and NexGen are in an advantageous position in tariff negotiations. “America's nuclear reactors are in urgent need of uranium to meet nearly 20% of their electricity needs. Coupled with their heavy reliance on imports, Canada — and NexGen in particular — can take advantage of this reality.”

He added, “Proof of the potential US tariffs on Canada is that Canada needs to have essential goods needed by US industry that cannot be obtained elsewhere or within the country. Uranium is one very unique commodity.”

On Tuesday, the US nuclear fuel supplier$Centrus Energy (LEU.US)$It was announced that its main Russian upstream supplier had cancelled exports to the company, adding that this would affect the company's ability to meet delivery obligations in the future.

Editor/Danial