President-elect Donald Trump's threatened tariffs could prompt Canada to pursue dollar-to-dollar retaliation or an export tax on oil and gas bound for the U.S.

President Donald Trump said that he plans to enact across-the-board tariffs of as much as 25 per cent on Canada and Mexico by Feb. 1, reiterating his contention that the U.S.’s two immediate neighbours are allowing the flow of migrants and drugs into the country.

The February date comes after Trump officials, speaking anonymously, suggested to reporters that the Republican president would only sign a memorandum telling federal agencies to study trade issues, including alleged unfair trade and currency practices by Canada,