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.

CORRECTION: An earlier version of this report misstated the day President-elect Donald Trump threatened tariffs on Mexico, Canada and China.  President-elect Donald Trump has already begun to captivate financial markets with his unorthodox negotiating style,