VIDEO: Canadian miners eye global markets amid US tariff threats

Most Canadian mining companies will weather US President Donald Trump's impending tariffs by pivoting to alternative global markets, according to Pierre Gratton, president and CEO of the Mining Association of Canada. 

In an interview with MINING.COM, Gratton emphasized that while the tariffs pose challenges, they also present opportunities for strategic realignment.

Gratton highlighted the temporary reprieve offered by a 30-day delay on proposed tariffs — a 25% levy on most Canadian imports and a 10% tariff on energy resources, including coal, uranium, and critical minerals. "This provides breathing room for our industry," he remarked. However, he cautioned against complacency, urging industry leaders to use this time for strategic planning.

Canadian miners, Gratton noted, benefit from their ability to operate independently of the US market. Even companies reliant on American buyers can pivot to global markets, securing alternative buyers for their metals and minerals.

Gratton also voiced concern about the broader implications of the tariffs on Canada-US trade relations, particularly in critical minerals.

"These tariffs could undermine our established relationship in critical minerals," he warned, underscoring the need for continued cooperation and a robust trade alliance between the two nations.

Strategic diversification

With the US market’s reliability now in question, Gratton advocated for diversification, pointing to Europe as a promising alternative. "We must explore new markets now," he urged, emphasizing Europe's growing demand for sustainably sourced minerals. Diversifying markets, Gratton argued, is vital for ensuring the resilience and growth of Canada’s mining sector.

Looking ahead, he stressed the importance of preparing for less favorable scenarios. "We can't be solely dependent on one market," Gratton said, calling for investment in alternative supply chains and infrastructure to improve access to new markets.

Gratton also suggested that the tariffs threat might serve as a catalyst for necessary change within Canadian mining.

"This could be the push we needed to diversify, ensuring not just economic but strategic resilience," he said.