Possibly, but only if it lasts that long. In fact, just this morning, Trump already granted a one-month pause on implementing tariffs on Mexico after they made some concessions, so we’re already seeing how things are unfolding. It’s difficult to foresee any significant impact on Canadian spod explorers or developers, as they’re not expected to begin production until 2028/29, by which time Trump will no longer be in office.
The only exception is SYA/PLL's (soon to be Mergeco) offtake agreement with Tesla for spod from NAL. If the 25% tariff stays in place, then Elon will have to pay that 25% tariff on the lithium he currently sources from Canada, thanks to his mate Trump, while concurrently being locked out of selling Tesla's in Canada (if Freeland applies the proposed 100% Tesla tariff).
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