CANADA's biggest railway, the Canadian National (CN), has dismissed concerns about the looming Sino-American trade war, stressing the probability of alternate sourcing of goods that now come from China, reports the Canadian Press
CANADA's biggest railway, the Canadian National (CN), has dismissed concerns about the looming Sino-American trade war, stressing the probability of alternate sourcing of goods that now come from China, reports the Canadian Press. CN president Jean-Jacques Ruest said he remains 'very' confident, especially about trade from Asia to North America in 2019, but that might be coming from countries other than China.
'A number of them already moved out of China. They're going to Vietnam, they're going to Bangladesh, they're going to Indonesia, and the product is still being made,' he said.
On Tuesday, CN Rail reported the highest quarterly revenues of its 99-year history, helping the Montreal-based company address concerns over operating capacity.
Analyst Benoit Poirier of Desjardins Capital Markets stressed the 'tough start to the quarter' caused by flooding in Wisconsin, 'which hurt the frac sands business.'
