A government official says Canada is already examining possible retaliatory tariffs on certain items from the United States should President-elect Donald Trump follow through on his threat to impose sweeping tariffs on Canadian products.

U.S. President-elect Donald Trump's pledge to impose tariffs on Canada would drive up fuel prices for Americans as it would upend decades-old oil trade from its top crude supplier, analysts said on Wednesday.

President-elect Trump's plan to increase tariffs on goods from China and impose them on products from Mexico and Canada would drive inflation up by nearly 1%, Goldman Sachs estimates.