Paul Vieira and Connor Hart of The Wall Street Journal report that Canadian Company TFI International plans to move its legal registration to the U.S. to better align with its U.S.-based operations, where 70% of its business is. The move is partly due to U.S. tariff threats, as many Canadian businesses consider relocating. The Journal reports:
TFI International plans to move its legal registration to the U.S. from Canada, a potential blow for the Canadian economy as companies consider whether to move operations southward amid President Trump’s tariff threats.
The Montreal transportation and logistics company said it has operated in the U.S. since 2011, and traded on the New York Stock Exchange since 2020. TFI Chief Executive Alain Bédard said moving to the U.S. makes sense “to better align with our shareholder base and commercial presence.” The company said about 70% of its operations are in the U.S., and a plurality of its shareholders are Americans. […]
The Trump administration’s tariff threat—of up to 25% on all nonenergy imports from Canada, along with 10% on imported energy products—has prompted Canadian companies to delay expansion plans, put hiring plans on hold and revise their sales outlook downward, according to surveys from business-trade associations and the Bank of Canada. Those hefty tariffs were supposed to kick in earlier this month, but Trump gave both Canada and Mexico a reprieve until March 4, pending work by both countries in fortifying their border security and deterring fentanyl trafficking. […]
Up to 5% of TFI’s revenue is based on cross-border shipping, Bédard said. Due to tariff uncertainty and the potential price impact on certain goods, the CEO said the company couldn’t provide any earnings guidance. […]
Revenue rose to $2.08 billion from $1.97 billion. Analysts were looking for $2.19 billion, according to FactSet.
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