India, March 8 -- Donald Trump has announced that his administration could impose reciprocal tariffs on Canadian dairy and lumber products as early as Friday if Canada does not drop it. In a press conference at the Oval Office, the president called out the neighbouring country for "ripping" America off with "tremendously high" tariffs, the New York Post reported.

"Canada has been ripping us off for years on tariffs for lumber and for dairy products, 250%," Trump said on Friday. "Nobody ever talks about that, 250% tariff, which is taking advantage of our farmers. So that's not going to happen anymore."

The president warned that if Canada does not cut its rates, the US will impose the same tariff on their products. "They'll be met with th...