Policy uncertainty fueled by U.S. "Liberation Day" tariffs weakened retail momentum through Q2 and Q3, before conditions leveled out as tariffs eased late in the year.
The proposed new tariff system is part of a batch of reforms Carney announced on February 5 to try to bolster an automotive sector that's been pressured by U.S. tariffs.
For manufacturers willing to invest in flexibility, visibility and smarter network design, the volatility of the past year may ultimately prove to be a catalyst for long-term performance.
The initiative will be rolled out in phases, with the state-backed consortium focused first on acquiring and operating container vessels to serve key trade routes.
While reopening the vital trade route is generally viewed as a positive for the freight industry, it could also have some other unintended impacts on freight rates.