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.

"Trump has a pretty free rein, he wants Canada and Mexico to play ball on immigration," Dmitri Ceres at U.S.-based aluminium trader PerenniAL. "Most likely tariffs will result in higher prices for metal in the U.S. versus the rest of the world."

Justin Trudeau says Canada is ready to respond with counter-tariffs against the US if President-elect Donald Trump follows through on his threat to begin a trade war in North America.