Canada is drawing up plans for extensive tariffs against US products if Donald Trump follows through on his threat to put 25% levies on Canadian goods, according to people familiar with the matter.

Canada's economy added nearly quadruple the number of jobs forecasted for December and the unemployment rate surprisingly ticked down to 6.7%, data showed on Friday, giving the central bank breathing room to determine the pace of further rate cuts.

Canadian Foreign Minister Melanie Joly on Friday announced she would not run in the race to replace Prime Minister Justin Trudeau, saying she wanted to focus on the threat posed by potential U.S. tariffs.

Canada is looking at putting retaliatory tariffs if President-elect Donald Trump follows through with his threat to impose 25 percent tariffs on all Canadian products.

In response, Justin Trudeau, who is reportedly stepping down as Canada's prime minister, recently wrote on X: "There isn't a snowball's chance in hell that Canada would become part of the United States." Trump-ally Elon Musk then responded: "Girl, you're not the governor of Canada anymore, so doesn't matter what you say."

Canadian oil refiner Imperial Oil said on Friday senior executive Sherri Evers will join major shareholder Exxon Mobil , effective March 1.

Donald Trump threatened Canada with 25% tariffs and even quipped about a merger of the two nations. The North American neighbors have strong economic links, so what could be the impact of a trade dispute?

Canada's finance minister says U.S. President-elect Donald Trump’s comments that Canada should become the 51st state are no longer a joke and are meant to undermine America’s closest ally and major trading partner.

Podcaster Joe Rogan suggested that America may as well take over Mexico if so many of its people are immigrating illegally, bringing safety to both countries.

The president-elect’s comments about the U.S. annexing its northern neighbor were rejected by Canadians of all political stripes.

By suspending Parliament and promising to resign, the prime minister bought the Liberals time. But Canada will now face Donald J. Trump with a lame duck in charge.