The Globe and Mail reports in its Tuesday, Dec. 16, edition that after tariffs "seldom left the spotlight in 2025," trade-related uncertainty is likely to continue weighing on Canadian industrial companies in the year ahead, according to National Bank Financial analyst Maxim Sytchev, who sees a backdrop "set for more choppy waters." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev has reviewed the past 12 months in his coverage universe and previewed 2026, emphasizing the United States Mexico Canada Agreement (USMCA), which he calls "a cornerstone of the North American economy for over 30 years and a key driver in Canada managing to avoid a recession thus far." He notes that it is set to come up for renegotiation and predicts that the U.S. is "likely to use their (real and perceived) market power to extract further economic concessions." Mr. Sytchev sees nation-building projects continuing to accelerate amid growing electricity demands. "For engineers, perpetual expectations are now much more realistic and in line to long-term averages." Mr. Sytchev continues to rate Stella-Jones "outperform." He gave his share target a $12 boost to $107. Analysts on average target the shares at $91.60.