Trump's tariffs could harm the nuclear energy sector.

As reported by the news agency Reuters, Canadian mining companies have already felt the full impact of Trump's threats. In 2023, they supplied over a quarter of the United States' uranium needs, which is utilized for nuclear power plants and, to a lesser extent, for scientific research and industrial production.

Shares of one of the largest Canadian uranium mining companies, Cameco, have already seen a significant decline. While major mining firms are likely to weather these challenges, experts have indicated that the brunt of the impact will fall on smaller companies.

If, after a month, uranium and other Canadian minerals are subjected to an additional 10% tax, the U.S. may begin to seek nuclear fuel elsewhere — and according to diplomats, Russia could emerge as the most probable option.