Finance Minister Dominic LeBlanc says Donald Trump's suggestion that he will impose sweeping tariffs on Canada on Feb. 1 is "nothing new," and insists Canada has plans ready for several possible scenarios.

Canadian leaders expressed relief that broad tariffs were not applied to Canadian products on the first day of Donald Trump’s presidency.

Mr Trump had threatened to impose sweeping tariffs on Canada, Mexico and other trading partners. Still, Mr Trump pledged in his inaugural address that tariffs would be coming and said foreign countries would be paying the trade penalties, even though those taxes are currently paid by domestic importers and often passed along to consumers.