US EditionTariffs Take $350M Bite Out of CN Rail Revenues, with Uncertainty Now ‘Biggest Risk’
U.S. tariffs and trade uncertainty reduced revenues by over C$550 million for Canada’s largest railways, affecting forest products and metals despite modest annual revenue growth.
- On Jan. 30, 2026, CN and CPKC said U.S. tariffs and trade uncertainty cost them more than $550 million in forgone 2025 revenues.
- President Donald Trump’s 2025 tariff moves included 50% on steel and aluminum and 10% on lumber, fueling uncertainty over the USMCA trade pact review this year.
- On earnings calls, executives flagged that tariffs, trade uncertainty and volatility impacted our full-year 2025 revenues by over $350 million, with metals and minerals falling 4% and forest products 8% in the fourth quarter.
- Executives cautioned that investment and volumes are uncertain as Tracy Robinson, CN chief executive, said customers await clarity, while Keith Creel, CPKC chief executive, noted they have absorbed a significant hit.
- Despite this, CN and CPKC still increased annual revenues by 2% and 4%, with CN posting $17.3 billion in revenue and CPKC highlighting its US$31 billion merger.
13 Articles
13 Articles
Tariffs take $350M bite out of CN Rail revenues, with uncertainty now ‘biggest risk’
Tariffs and economic angst delivered a $350-million blow to Canadian National Railway Co. last year, as the question mark hanging over North American free trade continues to threaten profits in the new year.
The Canadian National Railway Company (CN) is planning steady volumes this year, while a question remains about the future of the Canada-United States-Mexico Agreement (CAUM).
Tariffs Deliver $350M Blow To CN Rail Revenues
Tariffs and economic angst delivered a $350-million blow to Canadian National Railway Co. last year, as the question mark hanging over North American free trade continues to threaten profits in the new year. “Tariffs, trade uncertainty and volatility impacted our full-year 2025 revenues by over $350 million,” chief commercial officer Janet Drysdale told analysts on a conference call on Jan. 30. Forest products and metals took the biggest bruisin…
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