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.

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

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.