Trump's threats of widespread tariffs, and Canada’s threat of its own tariffs in response, has the potential to impact hundreds of thousands of jobs, ignite inflation pressures and bruise the financial health of many industries.

Canadian oil and gas stocks fell the most this year, even as US producers rallied, after Alberta’s premier warned that the incoming Trump administration is likely to put tariffs on oil and gas imports.

Canadian Foreign Affairs Minister Melanie Joly said she hasn’t ruled out an energy embargo in response to Trump’s tariff threat.

The country's premiers emerged from a key meeting about Canada-U.S. relations in Ottawa on Wednesday with a message of unity and a pledge to stand together, with one exception: Alberta's Danielle Smith,