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.

Justin Trudeau, Canada's prime minister, told reporters on Tuesday that he had a "good" conversation with Trump following the president-elect's post.

Financial analysts and business leaders on Tuesday reacted to a threat from U.S. President-elect Donald Trump to impose 25% tariffs on top trade partners Mexico and Canada when he takes office for a second term in January in a move that could trigger a trade war.