The Whitehouse faced a deadline to respond to an investigation begun by the US Commerce Department on the effect uranium imports on the National Security under section 232 of the Trade Expansion Act. I've summarized the key points above, and am including a link to the direct text, for those who are interested.
There were major declines in domestic uranium miners Energy Fuels Inc (NYSE:UUUU) and Uranium Energy Corp (NYSE:UEC) following reports that no quotas would be imposed in response to the section 232 investigation.
However the silver lining in this report is that the President agrees that the report by the Secretary of Commerce does raise significant concerns regarding the impact of uranium imports on the national security and for domestic mining. The Whitehouse press announcement states that the United States requires domestically produced uranium to satisfy Department of Defense requirements for maintaining effective military capabilities — including nuclear fuel for the United States Navy’s fleet of nuclear-powered aircraft carriers and nuclear-powered submarines, source material for nuclear weapons, and other functions.
In order to address these concerns the memorandum calls for the creation of a United States Nuclear Fuel Working Group to develop recommendations for reviving and expanding domestic nuclear fuel production if needed following their review the current state of domestic nuclear fuel production and the entire nuclear fuel supply chain within 90 days.
Disclosure: I am/we are long UEC, UUUU.