A $28 billion merger in 2023 created Canadian Pacific Kansas City, connecting Mexico, the U.S. and Canada. …The railroad is the ultimate bet on the promise of the free flow of goods and a key cog in an intricate supply chain that underpins North American trade. It is a bet that suddenly got a lot riskier… with Trump’s threat last week to impose new 25% tariffs on Mexico and Canada. Railroad boss Keith Creel and his executive team have spent recent weeks trying to reassure shareholders that the incoming Trump administration won’t disrupt CPKC’s business and that the logic of its network still holds. …However, it would get more expensive if Trump makes good on his promise. And the movement of freight trains through the U.S.-Mexico border has also been cited as contributing to the flow of illegal immigration. …“Free trade in North America increased significantly during the first Trump term,” said Patrick Waldron at CPKC.