Canada is preparing to retaliate with an exhaustive list of tariffs on American goods if President-elect Trump follows through with his plans to add a steep 25% import tax on Canadian exports, people familiar with the matter told CNN.

Canada is drawing up plans for extensive tariffs against US products if Donald Trump follows through on his threat to put 25% levies on Canadian goods, according to people familiar with the matter.

Canada is developing plans to impose notable duties on products from the United States. They will come into effect if the newly elected US President Donald Trump fulfills his threat to impose a 25% duty on Canadian goods,

Canada imported $320 billion in U.S. goods in the first 11 months of 2024, nearly equaling the European Union’s $341 billion. A U.S. 25% tariff could reduce Canada’s GDP by up to 3.8%, with retaliatory tariffs amplifying the impact to as much as 5.

Canadian CEOs are being asked for feedback as Canada plans to levy a tranche of retaliatory tariffs against the United States if President-elect Donald Trump makes good on his threat to apply 25% tariffs against Ottawa.

Canada is considering retaliatory tariffs on US goods like orange juice, ceramics, and steel in response to Trump's 25% tax threat, aiming to target key products while minimizing impact on Canadian consumers.

The items under Canada's consideration include ceramics, steel and furniture, etc. US energy exports could be targeted as a ‘last resort’, officials said.