Trump's threats of widespread tariffs, and Canada’s threat of its own tariffs in response, has the potential to impact hundreds of thousands of jobs, ignite inflation pressures and bruise the financial health of many industries.

"Premier Smith's oil is Ontario's auto sector," said Council of the Federation chairman and Ontario Premier Doug Ford. Alberta Premier Danielle Smith stated Wednesday that her government can’t fully back Ottawa’s efforts to fight looming U.S. tariffs so long as retaliatory tariffs on oil and gas remain on the table.

The country's premiers emerged from a key meeting about Canada-U.S. relations in Ottawa on Wednesday with a message of unity and a pledge to stand together, with one exception: Alberta's Danielle Smith,

Alberta Premier Danielle Smith says while she doesn't want to assume anything after her meeting with U.S. president-elect Donald Trump at his Mar-a-Lago residence over the weekend, Canada needs "to be prepared" that threatened tariffs are on the way.