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Tim Denoyer

Tim Denoyer

Sep 21, 2026

6:54
And I
6:54
guess that didn't really answer the second part of your last question in terms of some of those key aspects of the freight economy.
7:00
I'll come back to that.
7:01
But our economists, to come to your question about just freight demand broadly right now, our economists think some of what's happening, retail sales are still chugging along.
7:12
In real terms, 1% or 2% growth.
7:15
Certainly, the nominal numbers have been pushed up by 3% or 4% goods price inflation this year, which is giving us a little bit better top line numbers.
7:27
But in terms of freight volumes, there's a little bit of growth coming from there.

18 MINS LATER

25:54
What have you seen since this ruling was handed out in mid-May, and what could it mean on a longer-term basis as well?
11:13
So the trucks that are running on the roads in North America? Are they made here? Are they just put together here and they're using parts from overseas? How hard are the truck OEMs potentially going to get hit from the tariffs?
11:33
Yeah, good question.
11:34
They need to be roughly two thirds.
11:35
I mean, the numbers vary from 60 to 75 percent to be USMCA compliant.
11:41
And so there is a fair amount of parts that come into the US that support the supply chain that, you know, there's a lot of parts that are sourced in Europe and other places that, you know, We talk a lot about our, you know, connection to Mexico, which I'll get to in a sec.
12:01
And it's important, but it's also important to point out that we've got a very close relationship with Europe.
12:07
And there's a fair amount of, you know, castings and those kind of things, the second and third tiers of the supply chains that we don't see too directly that, you know, come from the lowest cost places.

9 MINS LATER

20:51
If you could get out your crystal ball, what do you think is the most likely outcome here? I mean, do we get a full repeal? Do we get a partial repeal? Does it stay intact? And really, how does that kind of influence your thinking around the magnitude and duration of a potential pre-buy?

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