Canada's foreign minister warned Americans they will be paying a “Trump tariff tax” if President-elect Donald Trump follows through with a threat to impose a 25% tariff on all Canadian goods. Foreign Minister Mélanie Joly said Friday that Canada is ready to retaliate and put maximum pressure on the United States.

Bankers are rushing to get financing deals done ahead of the US president’s inauguration. Lenders are swamping borrowers with questions and cutting risk.

The government is preparing for the possibility that the incoming U.S. administration will impose high tariffs on Canadian goods, setting the close allies up for a showdown.