Shares of Energy Fuels Inc. (UUUU), a leading US uranium mining company, soared around 5% in the pre-market session on Tuesday. The stock's rally came as President Donald Trump's new tariffs on imports from trade partners, including a 10% duty on energy imports from Canada, went into effect.

The new tariffs, which include 25% duties on imports from Mexico and Canada as well as doubled duties of 20% on Chinese goods, are expected to significantly impact the uranium market. Canada was the largest foreign supplier of uranium to the United States in 2023, accounting for 27% of total imports, according to US government data.

With the tariffs increasing the costs of imported uranium, especially from major producer Canada, domestic uranium miners like Energy Fuels are expected to become more competitive against foreign suppliers. This could boost demand for US-mined uranium and support stronger pricing, benefiting the company's profitability going forward.