Tariffs Caused $400 Million Hit to Canadian Railways in 2025 (1)

US tariffs on commodities and the resulting uncertainty led to more than C$550 million ($406 million) in forgone revenues last year at Canada’s two largest railroad operators.

President Donald Trump’s administration caused turmoil in global trade by adding sweeping import tariffs in 2025, including 50% on steel and aluminum, and 10% on lumber in addition to separate duties of 35% for Canada.

Canadian National Railway Co. reported Friday that revenue in the fourth quarter fell by 4% in metals and minerals, and 8% in forest products, compared with the same period in 2024. “Trade uncertainty and volatility impacted our ...