Industry Update – Mergers, Tariffs & Trends with Tony Hatch – Sr Wall Street Transportation Analyst
Welcome to the American Railroading Podcast! In this episode our host Don Walsh is joined by guest Tony Hatch, President of ABH Consulting and Sr. Wall Street Transportation Analyst. Together they discuss the current status and potential pros and cons of the proposed Union Pacific and Norfolk Southern merger, what the recent Supreme Court ruling regarding tariffs under IEEPA means and doesn’t mean, a potential 3rd ”Golden Age” of short line railroading, market trends and risks, a look ahead into 2026 and much more. Tune in to this episode to gain valuable insights and broaden your understanding of American Railroading! You can find this episode and more on the American Railroading Podcast's official website at www.AmericanRailroading.net , and watch our YouTube Channel at the link below. Welcome aboard!
KEY POINTS:
- The American Railroading Podcast remains in the Top 10% of all podcasts globally, now downloaded in 66 countries around the world!
- Mr. Hatch is a graduate of Harvard University and has been a Sr. Transportation Analyst on Wall Street for over 20 years.
- Tony shares how he went from a degree in History at Harvard to becoming a Transportation Analyst.
- Mr. Hatch explains the revised STB rules / approval criteria / threshold that the proposed UP & NS merger and all future potential mergers must satisfy.
- Tony does a deep dive into the potential pros and cons of the proposed UP & NS merger.
- Don discusses the recent Supreme Court ruling regarding the President’s ability to impose import tariffs under IEEPA (the International Emergency Economic Act), what the ruling means, and doesn’t mean.
- Tony gives his opinion and the current status of tariffs and trade wars and their effect on the U.S. economy.
- Mr. Hatch gives us an update and a look ahead into 2026 not only for the U.S., but for Mexico and Canada as well.
- Tony gives his thoughts on why he feels a 3rd “Golden Age” of short line railroading may be on the horizon.
- If you like what we do, please leave us a 5-Star Review…and please Share the episode!
LINKS MENTIONED:
https://www.americanrailroading.net
https://www.therevolutionrailgroup.com
https://www.youtube.com/@americanrailroadingpodcast
Analyst
Mr. Hatch is a graduate of Harvard University with a Bachelor of Arts degree in History and has been a Senior Transportation Analyst on Wall Street for well over 20 years. Tony started his analyst career at Salomon Brothers, then proceeding to Argus, Paine Webber and NatWest Markets (USA), prior to starting his independent analyst/consultancy in 1999 and working with CV Brokerage. With over a quarter century’s experience in the field, Tony has been active as an independent analyst and consultant, doing work for major railroads such as Norfolk Southern, CSX, Union Pacific, BNSF, Kansas City Southern, Canadian National as well as the Association of American Railroads, the American Short Line and Regional Railroad Association, to name a few. Tony is a regular speaker at industry conferences such as NARS, NEARS, SEARS, SWARS and MARS, and he co-founded the “Rail Trends” conference, along with Progressive Railroading Magazine, which takes place every fall in New York City where he is also a co-presenter. Tony has received various honors and awards throughout his career, with his career highlight being his testifying before Congress on railroads starting in 1998. Tony lives in New York City and enjoys baseball (specifically watching LA Dodgers!), English soccer (the Tottenham Spurs), along with history, US politics, and sports cars.