08:46 AM EDT, 08/22/2024 (MT Newswires) -- Canada's railways shut down overnight Wednesday and with that will be ripple effects across North America especially given uncertainty toward potential strikes at US ports and given soaring global shipping costs driven by avoidance of the Red Sea and Suez Canal, said Scotiabank.

Some of these shocks could be transitory (labor strikes, though of uncertain length and magnitude) and some longer-lived (geopolitical) but they risk feeding off of one another at an inopportune moment for sectors such as agriculture and retail orders for the holiday shopping season, noted the bank.