Canada is looking at putting retaliatory tariffs on American orange juice, toilets and some steel products if U.S. President-elect Donald Trump follows through with his threat to impose 25% tariffs on all Canadian products,

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.

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.