President Donald Trump's threats to impose punishing tariffs on Canada and Mexico may be part of a strategy to gain leverage ahead of new negotiations on a regional trade agreement, experts said.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

The Trudeau government and regional leaders have put into place a retaliation strategy that's ready to go as leaders call for a national buy-Canadian response to President Donald Trump's tariff plans.