Class 1 railroad operator Canadian Pacific has proposed a merger with Kansas City Southern. The firms cite the USMCA trade deal as making “the efficient integration of the continent’s supply chains more important than ever before”. The deal is subject to regulatory approvals, likely including an assessment of market share. The combined entity accounted for 24.2% of traffic handled on U.S. railroads in the 12 months to March 17, though Union Pacific accounted for 22.4 percentage points of that total. The new company’s share rises to 36.8% for food and 30.0% for grains. The integrated netw...