Canadian National Railway Stock And 2 Freight Names Exposed To Tariff Shifts

Tariffs up to 50% on C$28b of US goods and a threat of similar rates on Canadian autos are reshaping how freight moves across North America. Cross-border logistics stocks sit right in the crossfire, which can create sharp winners and losers as trade flows adjust and Canada rolls out C$7.5b in support. This article examines three stocks exposed to this trade shock and discusses why each may warrant closer attention at this time.

The three stocks covered below are just a starting sample from this cross-border logistics theme, and the full screen surfaced 13 more companies with equally compelling narratives that are not covered in this article. If you want to go deeper into North American trade routes right now, head straight into the North American Cross-Border Trade & Logistics Providers screener to identify, filter, and analyze the highest conviction plays.

Werner Enterprises (WERN)

Overview: Werner Enterprises is a large U.S. truckload carrier that moves full truckloads of goods for retailers and manufacturers across the United States, Mexico, Canada, and select international lanes, including time sensitive and temperature controlled freight. Its role in cross border trucking between these markets places Werner directly in the North American trade and logistics theme where tariff changes and added compliance needs can shift freight patterns.

Operations: Werner generates about US$2.3b from Truckload Transportation Services and US$848 million from Werner Logistics, with almost all of its roughly US$3.3b in revenue coming from the United States and smaller contributions from Mexico at about US$122 million and Canada at about US$13 million.

Market Cap: US$2.3b

Werner Enterprises gives you exposure to one of the key truckload carriers serving U.S., Mexico, and Canada trade lanes at a time when tariffs are pushing shippers to rethink cross border routes and reliability. The company is investing in fleet and logistics technology, pursuing long term contracts, and integrating acquisitions like FirstFleet, which can support more stable revenue and capacity for complex border flows. At the same time, Werner faces pressure from higher labor, insurance, and equipment costs, as well as policy risk tied to changing tariff regimes. For investors who want to understand how a mid sized carrier might navigate that mix of opportunity and risk in terms of earnings and cash flow, Werner is worth a closer look before forming a view on the stock.

Werner Enterprises is quietly turning cross border complexity into an information edge as tariffs reshape North American freight. Get the full picture in the 3 key rewards and 2 important warning signs (1 is major!)

Canadian National Railway (TSX:CNR)

Overview: Canadian National Railway runs a large freight rail and intermodal network across Canada and the United States, moving goods for industries like grain, energy, autos, and consumer products. It also offers customs brokerage, transloading, warehousing, and trucking links. That mix of cross border rail corridors and supporting logistics services gives Canadian National Railway a direct role in how shippers adjust trade routes when tariffs and USMCA discussions change the cost of moving goods between the two countries.

Operations: Canadian National Railway generates about C$17.8b from Rail Operations, with roughly C$12.5b of revenue from Canada and C$5.3b from the United States.

Market Cap: CA$108.0b

Canadian National Railway offers investors exposure to hard to replicate rail infrastructure that directly links Canadian producers and U.S. customers. This can be valuable when tariffs and auto related trade threats push companies to rethink how they move steel, autos, grain, and energy. The company pairs this network with intermodal terminals, logistics parks, and customs capability, and recent agreements with Union Pacific are widening its reach into U.S. and Mexico bound freight. At the same time, high leverage, heavy capital needs, and policy risk around USMCA and new tariffs contribute to the overall risk profile. For investors tracking reshoring, nearshoring, and cross border rerouting, the mix of asset base, earnings quality, and tariff exposed volumes at Canadian National Railway may warrant closer attention.

Canadian National Railway could be quietly reshaping North American trade routes, yet many investors still treat it like a plain rail stock. Get the full story through the 5 key rewards and 1 important warning sign

TFI International (TSX:TFII)

Overview: TFI International is a large North American trucking and logistics company that runs less than truckload, full truckload, and asset light logistics and parcel operations across Canada, the United States, and Mexico, including cross border brokerage and freight forwarding. Its mix of trucking capacity and 3PL services means TFI International sits close to the flow of freight and customs paperwork between the U.S. and Canada, which is directly relevant when tariffs and trade rules increase routing and compliance complexity.

Operations: TFI International generates about $3.4b from Less Than Truckload, $3.2b from Truckload, and $1.6b from Logistics, for total revenue of roughly $8.2b, split between about $2.5b from Canada and $5.6b from the United States.

Market Cap: CA$16.0b

TFI International gives you a single entry point into U.S. Canada Mexico trucking and 3PL at a time when tariffs and USMCA uncertainty are making cross border shipping harder to plan. Management is pushing deeper into U.S. less than truckload and asset light logistics, while analysts have highlighted the company’s earnings and cash generation profile, including potential support for buybacks and dividends, contingent on execution. At the same time, you need to weigh high debt, recent earnings pressure, and meaningful insider selling, along with management’s own comments about “fog” around tariffs, volumes, and industrial demand. If you want exposure to cross border freight complexity with both potential benefits and clear risk flags, TFI International is worth putting on your watchlist.

TFI International’s cross border freight reach and cash generation profile could be masking a much bigger story for investors. Get the full picture in the 3 key rewards and 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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