TORONTO 乌鸦传媒� Finance Minister Bill Morneau is suggesting the upcoming federal budget will have the room to deal with whatever economic shifts could ensue as the Donald Trump administration takes over in the U.S.

Morneau, who met Friday with a dozen private sector economists in Toronto, provided no details when asked about how Trump乌鸦传媒檚 election win has impacted the budget preparation process.

But he said he will exercise prudence as he plans upcoming investments 乌鸦传媒渢o ensure that we have the capacity to deal with the environment that we find ourselves in.乌鸦传媒�

There has been some concern that the new U.S. administration could spell trouble for the Canadian economy, particularly if border tariffs are implemented.

Craig Alexander, chief economist at the Conference Board of Canada, has said that Trump乌鸦传媒檚 promise to boost infrastructure spending and cut corporate and personal taxes would fuel U.S. economic growth, which would benefit Canada.

However, any moves to introduce protectionist measures and force business investment to return to the U.S. could harm Canada, Alexander said.

It remains to be seen whether or not such measures will be implemented.

But there were indications Friday from a spokesman for Trump that Canada乌鸦传媒檚 automotive sector may not be spared from a border tax. Sean Spicer was asked whether an auto border tax could affect Canada.

乌鸦传媒淲hen a company that乌鸦传媒檚 in the U.S. moves to a place, whether it乌鸦传媒檚 Canada or Mexico, or any other country seeking to put U.S. workers at a disadvantage,乌鸦传媒� Spicer said, then Trump 乌鸦传媒渋s going to do everything he can to deter that,乌鸦传媒� according to Bloomberg News.

A report Thursday by National Bank Financial Markets cautioned that exports of Canadian goods to the U.S. could fall by roughly nine per cent if Trump implements a 10 per cent border adjustment tax on imports.

Speaking to reporters following his meeting, Morneau said Ottawa plans to tout the importance of Canada-U.S. trade in discussions with the new administration.

乌鸦传媒淐anada is the number one export destination for 35 of the United States,乌鸦传媒� Morneau said.

乌鸦传媒淭hat乌鸦传媒檚 providing critical impetus for U.S. jobs, and of course it乌鸦传媒檚 positive in Canada as well. So that will be the frame for our discussions.乌鸦传媒�

Some of Prime Minister Justin Trudeau乌鸦传媒檚 senior aides met recently with members of Trump乌鸦传媒檚 inner circle.

乌鸦传媒淲e have had early dialogue with the incoming administration, and that乌鸦传媒檚 positive because we want to have a strong relationship with the new administration,乌鸦传媒� Morneau said.

乌鸦传媒淲e will continue to present Canada乌鸦传媒檚 interests, as we always have, in a way that will advance our cause, but we are not yet at a stage where we can talk formally with the new administration.乌鸦传媒�