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.

The magnitude of this tariff doesn't justify changing our economic forecast. But businesses involved in imports and exports must pay close attention to the details.