Canada is preparing to retaliate with an exhaustive list of tariffs on American goods if President-elect Trump follows through with his plans to add a steep 25% import tax on Canadian exports, people familiar with the matter told CNN.

The Canadian government’s draft plans for trade retaliation go well beyond the narrow list of U.S.-made items on which it placed counter-tariffs during a 2018 dispute, according to government officials.

United States president-elect Donald Trump may declare a national emergency in order to turn his threat to slap Canada with 25 per cent across-the-board tariffs into a reality.