The uranium market in the US is facing a slowdown due to President Trump’s proposed tariffs on Canadian energy exports, including uranium. The US, the world’s largest uranium buyer with 94 nuclear reactors, sources 95% of its nuclear fuel from abroad. Its nuclear power sector, which depends on Canada for more than a quarter of its uranium supply, is particularly vulnerable to the tariffs.

Uncertainty over levies starting on 2 April is deterring reactor fuel buyers, disrupting the market as nuclear operators risk depleting inventories.

TradeTech data shows that the proposed 10% levy on Canadian uranium exports has led to a 50% drop in US utility purchases. The uncertainty over the scope and duration of the tariffs, which are set to begin on April 2, has deterred buyers of reactor fuel, causing market dislocation as nuclear operators may soon deplete their inventories.

Sprott Asset Management CEO John Ciampaglia expressed concern, stating, “In the absence of any clarity, and with the rules constantly changing – tariffs on today, tariffs off tomorrow – it has just created this complete paralysis. There are just too many ‘what-if’ scenarios the market is trying to digest at once.” Karen Radosevich, Entergy nuclear fuels supply manager, added, “Utilities are waiting to see what this all means before they take action.” Entergy, which operates four reactors in Arkansas, Mississippi, and Louisiana, has been proactive in securing Canadian uranium and began accelerating deliveries after Trump announced a delay in the tariff implementation.

Despite the current market conditions, US reactors are not in immediate danger of a fuel shortage, according to the report. Cameco CFO Grant Isaac assured that utilities have adequate supplies for this year and most of 2026.