Teck is looking to sell zinc to Asia instead of the US to contend with new tariffs imposed by US President Donald Trump’s administration on Canadian imports, CEO Jonathan Price said at the PDAC mining industry conference in Toronto on Tuesday.
The company typically sells zinc to the US and has been developing a contingency plan for months, Price noted.
“We have been reserving warehousing capacity, looking to reserve space in ports to export the metals to Asia,” Price said. “We will find buyers and prices will adjust.”
He did not specify how much zinc Teck exports to the US.
Price added that he expects the tariffs to raise the cost of commodities and drive inflation, noting “there is little upside.”
Trump’s 25% tariffs on imports from Canada as well as Mexico took effect on Tuesday, launching new trade conflicts with the top three US trading partners. Economists expect US companies to bear the cost of those tariffs.
(Reporting by Divya Rajagopal, Writing by Daina Beth Solomon; Editing by Chizu Nomiyama)
