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.

One of the biggest consequences of a tariff on imports from Canada would be pricier lumber, though traders haven't flinched at Donald Trump's threat of 25% tariffs on goods that cross the northern border.

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.