Canada’s primary freight rail companies, Canadian National Railway Co and Canadian Pacific Kansas City, locked out 10,000 unionized workers early Thursday, initiating an unprecedented simultaneous work stoppage that has essentially halted all railway freight movement in the country.
The rail networks south of the border will remain operational, but industry groups warn that the stoppage will have extensive repercussions on the movement of goods and commodities across North America. Both companies play crucial roles in supply chains linking trade corridors and ports throughout the continent.
Ratings agency Moody’s estimates that the shutdown could cost over C$341 million ($251.14 million) daily, with significant disruptions in sectors like agriculture and manufacturing. U.S. companies dependent on Canadian ports and rail networks for import and export activities face severe supply-chain delays, increased costs, and potential operational shutdowns.
(With inputs from agencies.)
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Publish date : 2024-08-21 17:52:00
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