President-elect Donald Trump's threat of tariffs against Canada has resulted in a push in the country from the worlds of academia to politics to preserve, not punish, trade with the U.S.

Canada is preparing to retaliate with an exhaustive list of tariffs on American goods if President-elect Trump follows through with his plans to add a steep 25% import tax on Canadian exports, people familiar with the matter told CNN.

"Trump has a pretty free rein, he wants Canada and Mexico to play ball on immigration," Dmitri Ceres at U.S.-based aluminium trader PerenniAL. "Most likely tariffs will result in higher prices for metal in the U.S. versus the rest of the world."