The North American uranium market has hit pause as US nuclear utilities, spooked by Trump’s looming 10% tariffs on Canadian energy exports, hold off on purchases and contracts. With the levies set to take effect April 2, utilities have slashed uranium buys by 50%, according to TradeTech.
Nuclear Power at a Crossroads
The US relies on Canada for over a quarter of its uranium, making the industry especially vulnerable. Uncertainty over the tariff’s scope and duration is keeping buyers on the sidelines, risking future supply shortages as inventories dwindle.
“Utilities are waiting to see how this plays out before taking action,” said Karen Radosevich of Entergy Corp., which operates four reactors.
Market Jitters: Stocks & Futures Tumble
Investor confidence is shaken—a top uranium ETF is down 16%, Cameco Corp. has lost 21%, and uranium futures have plunged 40% from their 2024 peak.
Despite the panic, there’s no immediate fuel shortage. Utilities are stocked through most of 2026, says Cameco CFO Grant Isaac. But if the standoff drags on, a crunch could follow.
Scramble for Supply
Some utilities, like Entergy, aren’t taking chances—it’s rushing Canadian uranium deliveries ahead of the tariff deadline.
“We’re working within our current contracts,” Radosevich said, “but not signing new long-term deals.”
Uncertainty Freezes the Market
US utilities import 95% of their nuclear fuel, but new contracts have dried up. Buyers normally secure 5–8M pounds of uranium monthly, but 2025 has been eerily quiet, says Jonathan Hinze of UxC LLC.
With Trump flip-flopping on tariffs and Canada considering retaliation, utilities and investors are stuck in limbo.
“It’s total market paralysis,” says John Ciampaglia of Sprott Asset Management. “There are just too many ‘what-ifs’ to navigate.”
As the April 2 deadline looms, will Washington and Ottawa strike a last-minute deal, or will the uranium market stay frozen in uncertainty?
