MONTREAL — The head of TFI International Inc. says tariff angst has forced the company to back off its acquisition plans as it faces lower cargo volumes.
Chief executive Alain Bédard says the company "had to walk away" from a large potential purchase due to uncertainty around tariffs.
He also says "customers are sitting on the fence" as they wait for stronger indications of where U.S. tariff targets will land, with shipping activity down in the meantime.
Stop-and-go tariffs from U.S. President Donald Trump have left a confusing array of duties on imports to America, with Canada's auto, steel and aluminum sectors facing 25 per cent tariffs — though broad exemptions apply to vehicles.
Bédard says the United States' escalating trade war with China is also having big ripple effects for the Montreal-based company, as farmers and other shippers lose buyers across the Pacific Ocean.
TFI says profits fell 40 per cent year-over-year in its latest quarter to US$56 million, while revenues rose five per cent to US$1.96 billion due to acquisitions.
This report by The Canadian Press was first published April 24, 2025.
Companies in this story: (TSX:TFII)
Christopher Reynolds, The Canadian Press
