Why it’s on the map
Tractors/combines are NOT on Canada's list (only balers, mowers, trailers, parts). Real pain is ~$1.1B gross / ~$750M net FY26 tariff cost on imported steel/components. Stock near highs prices a 2027 upcycle.
Government money & contracts
GSA/DoD contracts (values unverified).
Customers & commercial
Farmers, construction.
Catalysts
Early orders; FY27 guide.
Risk
US/Canada large-ag sales -15–20% for the year.
Tariff durability
Input-cost loser, not a retaliation loser.