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.

One of the biggest consequences of a tariff on imports from Canada would be pricier lumber, though traders haven't flinched at Donald Trump's threat of 25% tariffs on goods that cross the northern border.

President-elect Donald Trump's threat to impose tariffs on Canada, China and Mexico on the first day of his administration could dramatically raise prices for Americans on everything from cars to clothes to oil.