This is a very difficult question and one that is pretty much impossible to answer until the tariffs are put in place.
This is a very tricky situation. We depend a lot on the United States. In fact any sort of tariffs that force US companies to opt for domestic producers over Canadian options would impact our economy in a big way. A prime example would be something like Softwood lumber or oil.
The difficult situation here is a direct retaliation response by Canada may be export tariffs. However, Trump has pretty much stated he doesn't care about any of this. A prime example is he said he'd remove current protections from forests in the US so they could start producing lumber from them.
There is also the difficult situation that one of the things Trump might NOT be tariffing is energy, and this could result in Canada utilizing that as one of their only avenues of retaliation in the form of an export tariff on energy. This could ultimately slow down the exports of our oil.
Being completely honest, we just need to see what he ACTUALLY does before we make any assumptions on the Canadian economy and the direction it is going.
Ultimately though, wide spread tariffs would not be good and I'm finding it difficult to imagine how the Canadian government can retaliate.