Teck Resources (TECK) is ready to find buyers in Asia for its zinc and other metals after US President Donald Trump started charging a 25% tariff on goods from Mexico and Canada, multiple news outlets reported Tuesday, citing the company's Chief Executive Jonathan Price.
Price told an industry conference in Toronto Tuesday that the miner has been preparing contingency plans since Trump began threatening tariffs soon after taking office in January, Reuters reported.
The company has been reserving more warehouse and port space for its zinc exports while it looks for non-US buyers, Price reportedly said. "We will find buyers and prices will adjust," Reuters quoted Price.
The US tariffs are expected to increase commodity prices globally and fuel inflation, the reports said. "There is nothing positive about tariffs," Bloomberg quoted Price.
Teck did not immediately respond to a message from MT Newswires seeking additional information.
Teck shares recently were down about 4% in New York trade Tuesday morning.
Price: 37.99, Change: -1.57, Percent Change: -3.97
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