The Greenbrier Companies, Inc. (NYSE:GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, strongly disagrees with U.S. Customs and Border Protection's (CBP) determination on freight rail couplers issued on May 18, 2026 (EAPA Case 8183).

The determination is disconnected from the real-world functioning of the North American interchange system for more than 80 years, where railcars routinely move between carriers and across borders under common carrier obligations. Railcars are not static goods entering the U.S. market—they are mobile transportation equipment that must circulate freely to support interstate and international commerce. This well-established practice underpins the seamless and efficient operation of the integrated North American rail network and the broader United States economy.

By recharacterizing railcars and their component parts in a manner inconsistent with decades of agency practice and the corresponding legal framework, the determination risks disrupting efficient rail operations, increasing costs across the supply chain, and introducing barriers to trade within North America. These added regulatory burdens will immediately raise the cost of transporting a wide range of commodities—from energy and agriculture to consumer goods—leading to higher prices for American businesses and consumers.

Greenbrier has always acted in accordance with long-standing transportation practices, applicable law, and guidance from relevant agencies. CBP's novel and untested determination departs from settled treatment of freight traffic and introduces significant uncertainty and costs for cross-border rail operations and the broader American supply chain.

Greenbrier remains confident in our legal position. Greenbrier is carefully evaluating all available options, including seeking further administrative and judicial review. In doing so, Greenbrier advocates not only for its shareholders, customers, stakeholders, and employees, but also for the efficiency of the U.S. supply chain and growth of the broader American economy. 

Greenbrier will continue to cooperate with CBP and other agencies while we advocate to preserve the well-founded interpretation of the law that has been a cornerstone of an efficient U.S. supply chain and U.S. global competitiveness.