Canadian Prime Minister Justin Trudeau said Friday that U.S. President-elect Donald Trump is serious about a threat to impose stiff import tariffs on Canadian imports and warned they would hurt both economies.

Canadian Prime Minister Justin Trudeau said Friday that if President-elect Donald Trump follows through on this threat to impose sweeping tariffs on Canadian products, he would be raising prices for Americans and hurting American business.

Trump said in a post to Truth Social on Monday that one of his first executive orders would be to hit Mexico and Canada with a blanket 25% tariff. Mexico and Canada are the second and third top suppliers of goods to the U.S., according to the Office of the U.S. Trade Representative. The U.S. imports the most goods from China.

Mexico's President Claudia Sheinbaum said on Thursday she did not specifically discuss tariffs in a call she held with Trump on Wednesday, adding the two had agreed there would be

Donald Trump's tariff plan would affect products from Canada, Mexico, and China. Here's what to know about tariffs, who pays them, and how they work.

President Biden called Donald Trump’s plans to impose 25% tariffs on all goods from Mexico and Canada “counterproductive” and said it would undermine relations with two of America’s closest allies.

The proposed tariffs, if applied to oil and gas, could hammer Canada's economy and hike prices at the pump for Americans, analysts say.

President-elect Donald Trump's proposed 25% tariff on goods from Mexico and Canada would harm relations between the United States and Mexico and Canada, President Joe Biden told reporters on Thursday.

Trump stated that, on his first day in office, he will impose tariffs on all goods imported from Mexico, Canada and China.