A bit more than 50 days before taking the oath of office a second time, Trump took to social media this week to threaten the top three U.S. trading partners (Mexico, Canada, China). He vowed to impose tariffs of 25% on all products coming from our next-door neighbors, and to levy an additional 10% import duty on goods from America’s Asian rival.

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.