Economic Fallout From Tariffs Will Likely Temper Union Pacific's Near-Term Growth

Over the past six years, all the railroads confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at Canadian National and Canadian Pacific. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due in part to more-efficient use of locomotive assets and labor.