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.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration, a policy that could sharply increase costs for American businesses and consumers.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

President-elect Donald Trump said he would impose the import tariffs — 25 percent for Canada and Mexico and 10 percent for China — as soon as he takes office.

President-elect Donald Trump threatened to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. He said he would impose a 25% tax on all products entering the country from Canada and Mexico,

Canada is seriously considering imposing its own tax on the United States if the incoming Trump administration slaps tariffs on exports from north of the border. The northern neighbor is weighing retaliatory action against the U.

President-elect Trump's plan to impose tariffs on Canada would drive up fuel prices for Americans, as it would throw into turmoil longstanding trade from the biggest supplier of crude to the U.S., analysts said this week.

On Monday, Trump threatened to impose new tariffs on Mexico, Canada and China – the United States’ three biggest trading partners – as soon as he takes office, on Jan. 20.