Trump's proposed move would be crippling for the economy, given Canada sends 75% of all goods and services exports to the United States. "Nothing can be off the table if the U.S. continues to choose to move forward with these punishing tariffs," Trudeau said after meeting the premiers of the 10 provinces to discuss potential responses.

The premiers will gather in Ottawa Wednesday to meet with Prime Minister Justin Trudeau and discuss the looming threat that has the potential to throw the economy into a tailspin: president-elect Donald Trump's promised tariffs on all Canadian goods.

Prime Minister Justin Trudeau and Canada's premiers say all options are on the table to respond to U.S. president-elect Donald Trump's threat to impose devastating tariffs on Canada.