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Trade war injects note of uncertainty into CN Rail outlook, as profits inch up

  • Canadian National Railway Co. announced a 5% increase in net income for the first quarter of 2025, reaching $1.16 billion, up from $1.10 billion the previous year, according to the Montreal-based company.
  • This growth followed a trade war initiated by U.S. President Donald Trump, which also increased uncertainty through rising tariffs and trade tensions affecting supply chains.
  • CN's year-over-year revenues rose by four per cent to $4.40 billion, boosted by grain, fertilizer, petroleum, and chemical segments, while container and auto shipment revenues declined.
  • CEO Tracy Robinson acknowledged that uncertainty has grown in recent months amid the impact of tariffs and rising recession concerns in both Canada and the U.S.
  • Despite a market slowdown in February due to weather and trade disruptions, CN maintained its 2025 forecast but acknowledged a wide range of earnings outcomes due to ongoing trade volatility.
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The Hamilton Spectator broke the news in Hamilton, Canada on Thursday, May 1, 2025.
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