According to Canadian Prime Minister Justin Trudeau, his government is analyzing “the right ways” to respond and does not rule out acting like in 2018, when Ottawa imposed billions in taxes after Washington increased charges on Canadian steel and aluminum.

One of the most important things for us is not to panic. Knowing that these would be devastating, so we have to take them seriously, but it also means we have to be thoughtful and strategic,” he said at a meeting with businessmen.

A recent survey by the firm Nanos Research found that 51% of Canadians could stop buying U.S. goods if Trump raised tariffs on imports.

Only seven percent would be willing to buy them, 19% of citizens think the tariff hike will not have a big impact on their regular purchases and four percent are unsure whether there will be a change in their bill.

On November 25, Trump said that when he takes office in January 2025, he will impose 25% tariffs on imports from Canada and Mexico until the two countries put an end to migrant crossings and drug trafficking, particularly fentanyl.

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