Canada is preparing a list of potential US retaliatory tariffs and some of those could be on critical minerals, Energy and Natural Resources Minister Jonathan Wilkinson said on Thursday.

Canada could impose countermeasures on up to C$150 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.

The government is preparing for the possibility that the incoming U.S. administration will impose high tariffs on Canadian goods, setting the close allies up for a showdown.

Canada's outgoing Prime Minister Justin Trudeau said on Wednesday that “nothing is off the table” when it comes to responding to proposed tariffs by President-elect Donald Trump, but that no single region of the country should bear the full brunt of that response.

Canada has drawn up an initial list of C$150 billion ($105 billion) of US-manufactured items that it would hit with tariffs if President-elect Donald Trump decides to levy tariffs against Canadian goods,