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.

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.

Although aluminium prices for U.S. consumers have risen since Donald Trump's election win, the rise has been muted, signalling the industry is not expecting the President-elect to carry out his threat to impose hefty tariffs on Canadian imports.