Trump has threatened to impose 25 per cent tariffs on all Canadian goods coming into the U.S. But his threat has raised questions as to whether Canada has any kind of leverage to squeeze the U.S. and prevent such tariff action.

A government official says Canada is already examining possible retaliatory tariffs on certain items from the United States should President-elect Donald Trump follow through on his threat to impose sweeping tariffs on Canadian products.

U.S. President-elect Donald Trump's pledge to impose tariffs on Canada would drive up fuel prices for Americans as it would upend decades-old oil trade from its top crude supplier, analysts said on Wednesday.