Investors should tune out the “noise” from global trade and geopolitical upheaval and focus on the strong outlook for nuclear power because reactors are needed to power economies “regardless of tariffs or higher cost”, the chief executive officer of Saskatchewan, Canada-based uranium miner Cameco said.

“There is no doubt that those distractions have created new and unexpected risks that must be carefully monitored and diligently managed,” Tim Gitzel said during a conference call to discuss the company’s first-quarter results.

Canadian uranium is exempt from 10% US tariffs on energy imports because it adheres to the free-trade agreement between Canada, the US and Mexico. But on the conference call, Gitzel said “we know that a lot can change overnight”.