TFI International Inc. TFII-T, Canada’s biggest trucking company, says America’s trade war is hammering some of its freight volumes and fuelling uncertainty to the point where it had to walk away from a major takeover opportunity.

The tariffs U.S. President Donald Trump has imposed on imports from dozens of countries and the fog about his trade policy intentions are hitting businesses across North America, forcing companies to pull financial guidance and reshape strategy. TFI executives say they’re seeing it in several ways, chiefly in their dealings with industrial clients.

TFI’s specialized truckload unit, which transports goods that are oversized or require unique handling, has been “really affected because our end customers are sitting on the fence waiting to see where this is going to go,” TFI chief executive officer Alain Bédard told analysts on a conference call Thursday. “We’re not using our trucks to the full extent because the volumes are not where they normally should be.”

One particular example raised by the CEO illustrates the point. “If you’re a farmer in the U.S. today, you don’t know who’s going to buy your crop because the Chinese are saying, ‘You know what? We’re going to buy from Brazil. We’re not buying from the U.S. any more.’ Then you’re not going to buy a tractor. You’re not going to buy a combine. You’re not going to do anything until you have better visibility.”

Fewer orders from farmers translates into less business from the manufacturers that make agricultural equipment, Mr. Bédard said. “Our industrial base customers are just waiting,” he said.

The comments add to those from other corporate leaders in recent days as quarterly earnings season kicks into high gear, with investors desperate for comfort on how companies are handling the turmoil and global trade shock unleashed by the Trump administration. The U.S. trucking industry was clawing itself back from a nearly three-year freight recession before Mr. Trump took office on Jan. 20. Now that U.S. import duties are in force, the bounce-back that the industry hoped for is at risk.

Mr. Bédard has turned what was once a regional player into one of North America’s biggest trucking companies, expanding its footprint through 137 acquisitions since 2008. TFI is the largest trucking operator in Canada and the fourth largest in the United States, controlling more than 80 operating subsidiaries, including Canpar Express, Loomis Express and Transport America, according to industry data.

The trade chaos, however, has thrown cold water on that strategy to be an industry consolidator – at least for this year. Mr. Bédard said the company had to pull the plug on a deal recently. “Because of all this uncertainty, we said, ‘No, forget about it. We can’t touch that.’”

The CEO said TFI can’t do any major mergers and acquisitions this year but vowed to do another sizable acquisition in the United States in 2026. He said plans to spin off the truckload division as a stand-alone business also still make sense, but the timeline looks likely to be pushed back to 2027.

The fortunes of U.S. truckers matter because they touch virtually every sector of the U.S. economy and are among the first to register changes in business activity. The American Trucking Associations in January forecast 2025 industry volume growth of 1.6 per cent.

Asked to provide some colour on shipments crossing the border between Canada and the United States, Mr. Bédard said that U.S.-bound truckload volumes are holding up over all. U.S. tariffs have dampened shipments of Canadian-made steel but aluminum is still going strong, he said. “We’re still running like crazy.”

The main issue affecting TFI’s cross-border business at the moment is that trucks returning to Canada are carrying lighter loads, Mr. Bédard said. “There’s nothing coming back to Canada right now, so it’s an issue,” he said. “The backhaul is killing us.”

TFI reported results late Tuesday for its first quarter that were below analyst estimates, tallying adjusted earnings before interest, taxes, depreciation and amortization of US$259-million, or 76 US cents per share, on revenue of US$1.96-billion. Free cash flow was US$192-million, up 40 per cent from US$137-million generated in the same quarter a year ago.

Management has declined to provide financial guidance for the full year but said it expects the company to post a profit per share between US$1.25 and US$1.40 for the second quarter. TFI shares climbed 8 per cent Wednesday on the Toronto Stock Exchange to close at $116.94.

With a report from Reuters