While the president-elect says he will impose a 25 percent tariff on everything Canada exports, Trudeau remains confident about forestalling that outcome.

Canadian Prime Minister Trudeau flew to Trump's Florida home after the president-elect’s threat to impose significant tariffs on Canada and Mexico.

Mexico and Canada are the United States’ top two trading partners, accounting for nearly 30% of trade volumes.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.

President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration, a policy that could sharply increase costs for American businesses and consumers.

President-elect Donald Trump said he would impose the import tariffs — 25 percent for Canada and Mexico and 10 percent for China — as soon as he takes office.

Trump, who takes office on Jan. 20, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

China and Mexico lashed out Tuesday after Donald Trump threatened to begin his presidency with an immediate trade war against the top three US economic partners.China responded that "no one will win a trade war,

The president-elect says he would impose tariffs on all imports from Canada and Mexico, which could hurt the auto industry.