Donald Trump’s administration promised “financial, regulatory, policy and diplomatic support” to build new Westinghouse nuclear reactors, the company’s Canadian owners said in co-ordinated statements. The goal is to supply power for U.S. data centres, Cameco said. Its share price shot up more than 20 per cent Tuesday morning; Brookfield’s rose about three per cent. (The Logic)

Talking point: If the U.S. government backs the construction of US$80 billion worth of nuclear plants, it will be entitled to 20 per cent of Westinghouse’s cash distributions after the first US$17.5 billion; if Westinghouse is worth US$30 billion or more by January 2029, the U.S. can require an IPO and claim 20 per cent ownership. The agreement is financed through a U.S. trade deal with Japan, the Japanese government said, and depends on buying components from Japanese companies. (Brookfield CEO Bruce Flatt reportedly took part in a signing ceremony in Tokyo.) The same statement said Japan is prepared to finance US$100 billion in small modular reactors from GE Vernova Hitachi—the same type as Ontario is building, intending to create Canadian supply chains and expertise to sell to other customers.