Kazakh oil and uranium are likely to be exempt from new US tariffs

Oil and uranium account for 73% of Kazakhstan’s exports to the U.S. This category of goods is likely to be exempt from new tariffs imposed on trade partners of the U.S. by President Donald Trump. The White House has already published a document listing goods free of new duties.

The document includes uranium ores and concentrates, natural uranium and compounds of natural uranium and enriched U235. An annex to the document also mentions oil 127 times. However, it is unclear whether Kazakhstani oil is subject to the new tariffs, as the U.S. government uses an eight-digit code to regulate foreign economic activities, while Kazakhstan’s authorities use 4-, 6- and 10-digit codes for the same purpose.

The Trump administration also plans to impose tariffs on coal, titanium, copper, cobalt and zinc ores. The total list of goods is 37 pages long.

According to the State Revenue Committee of Kazakhstan, in 2024, the country’s exports to the U.S. rose by 26% ($1.9 billion) over the previous year. On the other hand, its imports from the U.S. dropped by 12% ($2.2 billion) compared to 2023. Oil and uranium have been the key commodities Kazakhstan has been exporting to the U.S. for a long time. Last year, Kazakhstan even boosted its oil supply to America by 29% ($1 billion) compared to 2023. Exports of natural uranium and enriched uranium rose from $78.9 million and $5.1 million in 2023 to $313.5 million and $9.2 million, respectively.

On April 2, Trump imposed customs duties on imports from dozens of countries around the world. The tariff for Kazakhstan was set at 27%. According to the White House, Kazakhstan has set a 54% trade barrier against American goods. No explanation or details have been provided, though. The table with tariffs published by the U.S. administration mentions 184 countries and jurisdictions, along with the European Union. The toughest measures the U.S. has taken are against Lesotho and Saint Pierre and Miquelon, a French archipelago south of the Canadian island of Newfoundland (50% tariffs), Cambodia (49%), Laos (48%) and Madagascar (47%).