Canadian Prime Minister Justin Trudeau said Friday that U.S. President-elect Donald Trump is serious about a threat to impose stiff import tariffs on Canadian imports and warned they would hurt both economies.

Canadian Prime Minister Justin Trudeau said Friday that if President-elect Donald Trump follows through on this threat to impose sweeping tariffs on Canadian products, he would be raising prices for Americans and hurting American business.

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.