
Miner Teck plans to sell to Asia to avoid US tariffs
TORONTO, March 4 (Reuters) - Canadian miner Teck (TECKb.TO), opens new tab has been developing plans to sell zinc to Asia instead of the U.S. to circumvent tariffs from President Donald Trump's administration on Canadian imports, CEO Jonathan Price on Tuesday.
Teck, which sells most of its refined zinc to the U.S., has been working on a contingency plan for months, Price told the PDAC mining industry conference in Toronto.
"We will find buyers and prices will adjust."
The additional warehousing and port spaces would be in Canada, a company representative said.
Trump's 25% tariffs on imports from Canada as well as Mexico took effect on Tuesday, launching new trade conflicts with the United States' three biggest trading partners. Economists expect U.S. companies to bear the cost of those tariffs.
Teck produces about 260,000 metric tons of refined zinc annually.
That equates to less than a third of total U.S. demand in 2024 when it stood at 848,000 metric tons, or 6% of the world's total, according to the International Lead and Zinc Study Group (ILZSG).
BNP Paribas estimates that the United States imports 62% of its zinc needs, opens new tab, mainly from Canada and Mexico.
Price said he expects the tariffs to raise the cost of commodities and drive inflation, and that "there is little upside".
Vale Base Metals, the base metals spinoff of iron ore giant Vale that sells Canada-produced nickel to the U.S., is also looking to adapt to the tariffs, Vale Base Metals Chair Mark Cutifani said.
"We are talking to everyone on this to see how this can be resolved," he told reporters.
Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
15 minutes ago
- Reuters
Canada should not rush potential sale of TMX pipeline, Trans Mountain CEO says
CALGARY, June 11 (Reuters) - Canada should not rush to sell the newly expanded Trans Mountain Pipeline, its CEO Mark Maki said on Wednesday at a conference in Canada. The Canadian government, which owns the C$34 billion pipeline, should be able to recover some of its investment if it plays its cards correctly.


BBC News
25 minutes ago
- BBC News
US to partially evacuate embassy in Iraq over security threats
Non-essential American embassy staff and their dependents in Baghdad are evacuating from Iraq due to heightened security risks, US government sources said on did not say exactly what prompted the removal, however in recent days talks over Iran's nuclear programme appear to have stalled.A US state department official told the BBC: "We are constantly assessing the appropriate personnel posture at all our embassies. "Based on our latest analysis, we decided to reduce the footprint of our mission in Iraq." President Donald Trump told a podcast on Wednesday that he was growing less confident that a deal can be reached over Iran's nuclear US wants Iran to stop enriching uranium, which can be used to create a nuclear bomb, in exchange for easing economic Defence Minister Aziz Nasirzadeh said his country would retaliate against American bases in the region if talks fail and the US president orders military strikes against reported that US Defence Secretary Pete Hegseth also approved the voluntary departure of families of US military personnel from countries across the Middle East including Kuwait and on Wednesday, the UK's Maritime Trade Operations organisation issued a warning saying that increased military tensions in the Middle East could affect price of oil initially increased more than 4% on the news, in anticipation of regional insecurity potentially leading to supply 2,500 American troops are based in Iraq, according to the US defence reporting from Tom Bateman in Washington


Telegraph
29 minutes ago
- Telegraph
Trump plans memorial to his mother on new Scottish golf course
Donald Trump is creating a memorial garden to his Scottish mother on the site of his new golf course in Aberdeenshire. The main feature of the garden will be a tribute carved in stone imported from Mary Anne Trump's birthplace, the Isle of Lewis in the Outer Hebrides. The announcement of Mr Trump's tribute to his mother came as Trump International Scotland unveiled the layout for a new course alongside the existing links course on his Menie estate. It is set to formally open this summer. Known officially as the Old and the New, the courses will combine to create what the company describes as ' the greatest 36 holes in golf' on the Aberdeenshire coast. The US president's mother was born Mary Anne MacLeod on Lewis, but emigrated to New York in 1930 when she was 18. She was one of tens of thousands of Scots who travelled to the US and Canada in the early years of the last century looking to escape economic hardship at home. She was hired as a domestic servant at the Carnegie Mansion on New York's Fifth Avenue and six years later married Frederick Trump, the successful property developer son of German migrants, and one of the most eligible men in New York. The US president was the fourth of the couple's five children. Mr Trump has spoken fondly of his mother, who died in 2000, aged 88. He said in an interview last year: ' The Scottish very great people, they're tough people. They're good fighters. [My mother] was funny, she had a great sense of humour.' Sarah Malone, the executive vice-president of Trump International, said: 'With the New course opening now fast approaching, we are delighted to share the final layout of this extraordinary links and the completion of The Greatest 36 Holes. 'It has been a phenomenal journey to create two truly exceptional world-class championship golf courses, across this magnificent stretch of North Sea coastline. 'The Trump family has a deep affection for Scotland, not only as the home of golf, but as the ancestral home of President Trump's beloved mother, Mary Anne MacLeod.' The plans for the second course were approved in 2019 alongside proposals for 550 new homes, shops, offices and restaurants. Planners received 2,921 valid representations from the public about the plan, 2,918 of which were objections and just 3 supported the Trump Organisation application. But despite the significant local opposition, Aberdeenshire council approved the £150 million plan.