The United States recently announced incoming 25% tariffs on Canadian goods. As a result, Canada will "immediately stop buying American liquor."

If we get in a tit-for-tat trade dispute, companies could be impacted on both sides of the Atlantic, and the North and South,’ said one industry leader.

It's Canada's response to President Donald Trump's plan to implement a 25% additional tariff on imports from the country. However, that tariff and a similar 25% tax on goods from Mexico are on hold for 30 days. But a 10% additional tariff on imports from China is still set to go into effect Tuesday.