Prime Minister Justin Trudeau said that if President-elect Donald Trump follows through on this threat to impose tariffs on Canadian products, he would be raising prices and hurting American businesses.

The proposed tariffs, if applied to oil and gas, could hammer Canada's economy and hike prices at the pump for Americans, analysts say.

Donald Trump has threatened a 25% tariff on imported goods entering the country from Canada and Mexico, starting on Day One of his second administration.