Cameco, a major uranium mining company, saw its stock plummet by 5.14% in the pre-market session on Monday, February 3rd, 2025. This sharp decline came in the wake of President Trump's decision to impose sweeping tariffs on imports from major trading partners like Mexico, Canada, and China, sparking fears of a potential trade war.

The tariffs have raised concerns for the uranium and nuclear energy industry, as Canada is a significant supplier of uranium to the United States, accounting for 27% of uranium imports in 2023. The news articles suggest that uranium miners like Cameco and nuclear power providers could face higher costs and disruptions to their supply chains due to the tariffs.

Investors fear that the tariffs could eat into company profits, raise consumer prices, and potentially trigger retaliatory measures from affected countries, further escalating trade tensions. The uncertainty surrounding the impact of the tariffs has led to a broad market selloff, with automakers, beer companies, and technology giants also experiencing declines.