Prime Minister Justin Trudeau and the premiers of Canada’s provinces are in high-stakes talks over how far to go in using oil and other commodities as a weapon if the US starts a regional trade war.

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.

Prime Minister Justin Trudeau and Canada's premiers say all options are on the table to respond to U.S. president-elect Donald Trump's threat to impose devastating tariffs on Canada.

Canada could impose countermeasures on up to C$150 billion ($105 billion) worth of U.S. imports if President-elect Donald Trump puts tariffs on Canadian goods and services, a source familiar with the matter said on Wednesday.

Canada will have a "robust" response if Donald Trump imposes tariffs on its goods, but Canadian leaders are split over energy as a bargaining chip.

Trump's proposed move would be crippling for the economy, given Canada sends 75% of all goods and services exports to the United States. "Nothing can be off the table if the U.S. continues to choose to move forward with these punishing tariffs,