EVERYTHING IS GOING SWIMMINGLY: Massive looming Canadian rail shutdown could have economic ripple effects throughout America.
Failing last-minute deals, both Canadian National Railway and Canadian Pacific Kansas City plan to lock out workers from the early hours of Thursday.
It marks the first time that the country has faced a simultaneous labor stoppage at the railroad firms as they normally negotiate their labor agreements in alternate years.
The stoppages could cripple the shipment of food grains, beans, potash, coal and timber which form a large part of Canada’s exports, while also impacting shipments ranging from petroleum products to chemicals and cars.
In addition to billions of dollars of economic damage, the stoppages could disrupt rail trade across the North American continent.
“Unless there is an immediate and definite resolution to the labor conflict, CN will have no choice but to continue the phased and progressive shutdown of its network which would culminate in a lockout,” CN said in a statement.
“Despite negotiations over the weekend, no meaningful progress has occurred, and the parties remain very far apart,” it said.
Plus: “The two Canadian rail operators’ networks connect with several key U.S. rail and shipping hubs such as Chicago, New Orleans, Minneapolis and Memphis.”