Prime Minister Justin Trudeau said that if President-elect Donald Trump follows through on this threat to impose tariffs on Canadian products, he would be raising prices and hurting American businesses.

Canadian Prime Minister Justin Trudeau said Friday that U.S. President-elect Donald Trump is serious about a threat to impose stiff import tariffs on Canadian imports and warned they would hurt both economies.

President-elect Donald Trump intends to follow through on his plan to impose sweeping tariffs on America’s top trading partners — a move that could come at a high cost to U.S. consumers. On Monday, Trump promised a new tariff on all products entering the U.