Canada is preparing to retaliate with an exhaustive list of tariffs on American goods if President-elect Trump follows through with his plans to add a steep 25% import tax on Canadian exports, people familiar with the matter told CNN.

Canada imported $320 billion in U.S. goods in the first 11 months of 2024, nearly equaling the European Union’s $341 billion. A U.S. 25% tariff could reduce Canada’s GDP by up to 3.8%, with retaliatory tariffs amplifying the impact to as much as 5.