The proposed tariffs, if applied to oil and gas, could hammer Canada's economy and hike prices at the pump for Americans, analysts say.

Trump said in a post to Truth Social on Monday that one of his first executive orders would be to hit Mexico and Canada with a blanket 25% tariff. Mexico and Canada are the second and third top suppliers of goods to the U.S., according to the Office of the U.S. Trade Representative. The U.S. imports the most goods from China.

Canada’s premiers are urging Prime Minister Justin Trudeau to step up border security and defense spending to assuage US President-elect Donald Trump’s concerns, with the leader of the largest province calling the federal government “slow to react” and “stuck on its back foot.