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.

If Canada seeks to retaliate over U.S. president-elect Donald Trump's tariff threat, the government should hit the U.S. where it hurt would both economically and politically, some trade experts suggest.

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.