TFI will “walk away” from all expansion deals in 2025 due to “uncertainty on tariffs”

TFI International Inc. says that it will “walk away” from all expansion and acquisition deals in 2025 due to concerns over tariffs. 

The company plans to “walk away” from the deals as the entire trucking industry deals with lower freight volumes. Earlier this year, the company stated that it would move its headquarters to the US from Canada, but later retracted the plans. 

“We have one transaction that we really liked, but because of all this uncertainty on tariffs, we had to walk away from that deal,” chief executive Alain Bédard said to Bowen Island Undercurrent. “We can’t touch that. Maybe later on, we’ll see down the road, once we have better clarity.”

Bédard says that cargo volumes for all sectors of the company have been “very disappointing” this year. 

TFI has seen a 40% drop in net income in the first quarter of 2025 compared to the first quarter of 2024. However, the company also saw a 5% rise in revenue for the same time period. This rise can be attributed to the multiple acquisitions made by the company in 2024.