Canada

Crude oil tariffs in response to Trump's threats would cause pain on both sides

In Canada's arsenal of possible responses to a Trump tariff, the nuclear option is the threat to withhold, reduce or place export tariffs on Canadian energy.

Already, the mere suggestion of such a tactic has caused a split between the government of Alberta, on one side, and the governments of Canada and all other provinces on the other.

Tariffs on imports from the U.S. have the potential to cause pain to certain industries and regions, but Prime Minister Justin Trudeau himself has acknowledged that the effect of Canada's import tariffs would be diluted by the size of the U.S. population and economy.

The withholding or tariffing of Canadian resource exports, on the other hand, has the potential to cause real, generalized discomfort to the U.S. — albeit at great cost to Canada as well.