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

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

Canadian Prime Minister Justin Trudeau visited Donald Trump's Florida resort on Friday to meet with the U.S. President-elect, days after Trump threatened to slap tariffs on Canadian imports over border-related concerns.