President-elect Donald Trump plans to create an External Revenue Service. Here’s what that might mean for you.

Related: Academy makes major change in supply amid Trump tariffs In other business headlines, President-elect Donald Trump wants to create a new department called the External Revenue Service. The sole purpose of this entity would be the collection of tariffs.

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.

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," Trudeau said after meeting the premiers of the 10 provinces to discuss potential responses.

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,