Escalating US Canada trade frictions are turning supply chains into the new fault line for markets, and investors who ignore that shift risk missing important moves. Trade exposed companies that can pull production closer to home may handle disruption differently from those tied to long cross border routes. This article walks through three stocks that screens suggest are meaningfully exposed to the latest tariff headlines and that may warrant a closer look.

The stocks in the article below are just a starting sample, and the full screen surfaced 34 more companies with equally compelling reshoring and supply chain narratives that are not covered here. To identify and analyze the highest conviction ways to position around this theme, head straight into the North American onshoring and reshoring of auto and industrial supply chains screener.

Cummins (CMI)

Cummins is a long established US based supplier of engines, powertrains and power systems for trucks, buses, industrial equipment and data centers. This links it closely to North American onshoring and domestic production trends. The business is diversified across Engine revenue of about US$11.0b, Components at roughly US$10.2b, Distribution at about US$12.9b and Power Systems at around US$8.1b, with a smaller Accelera segment focused on batteries, fuel cells and electric powertrains and intersegment eliminations reducing the reported total. The company has a market cap of roughly US$80.9b.

Cummins sits at the crossroads of trucks, industrial equipment and onshore energy infrastructure, so shifting US Canada trade rules and onshoring can quickly change its demand picture. On one side, there is interest in its engines, power systems and backup generation for data centers and manufacturers that want reliable domestic supply and repowering options inside North America. On the other, Cummins still faces cyclical truck markets, tariff and regulatory uncertainty and an Accelera business that is investing heavily to build out cleaner technologies. For investors who want to dig deeper into whether that mix of resilience and risk suits their portfolio, Cummins is a company that may merit closer study rather than a quick glance.

Cummins could be where onshoring, data center power and cleaner engines quietly intersect. Get the full picture through the analysis report for Cummins and see how one underappreciated risk may change the story.

Dana (DAN)

Dana is a Maumee based auto supplier that plugs directly into the onshoring theme by providing axles, driveshafts, e-axles, transmissions and thermal systems that automakers want closer to final assembly to reduce tariff and cross border risk. Most of its revenue comes from Light Vehicle programs at about US$5.4b, with Commercial Vehicle contributing around US$2.4b, and a small elimination line tying out inter segment sales. The stock has a market cap of roughly US$3.4b.

For investors watching the US Canada trade spat, Dana is one of the companies where that headline risk turns into a concrete question about where parts are sourced and where they are assembled. It supplies powertrain, e propulsion and cooling hardware that automakers and truck makers increasingly prefer to source within North America to avoid potential 50% tariffs on cross border auto and parts flows. At the same time, Dana is working through a transition from loss making results and relies on external funding to support plant investments. As a result, the reshoring opportunity comes with execution and balance sheet risk that readers may want to assess in more detail.

Dana’s onshoring story is accelerating, yet its shift from loss making operations and reliance on external funding leave key questions open. Get the Dana financial health report for the one balance sheet twist investors often miss

Electrovaya (TSX:ELVA)

Electrovaya is a Mississauga based battery company that designs and manufactures lithium ion battery systems for forklifts, electric buses and trucks, energy storage and other industrial uses, closely tying it to North American efforts to reshore EV and power systems supply chains. The business currently reports a single segment, with about $71.8 million of revenue from developing, manufacturing and marketing its power technology products. Electrovaya has a market cap of roughly CA$456 million.

Electrovaya provides direct exposure to the onshoring push in batteries at a time when US Canada trade friction is making locally made energy systems more valuable. The company is scaling production in North America, has a commercial agreement with Amazon and is expanding into areas such as warehouse automation and grid storage, which could support higher quality, recurring revenue over time. At the same time, the stock carries funding and dilution risk, a high valuation and governance questions that put more weight on execution. If domestic battery supply tightens, the balance between those strengths and vulnerabilities could become more important than the headline tariffs alone suggest.

Electrovaya’s North American battery push is accelerating, yet funding and valuation questions still hang over the stock. Go through the 3 key rewards and 3 important warning signs (2 are major!) and see what could shift if one assumption breaks.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.