Yes it will. However, the vast majority of the 'massive' Canadian exports to the US, something like 70%, are misunderstood iwhen discussing this 'imbalanced trade' issue. Majority are energy related that the US really needs. So oil, gas, electricity, potash (a fertilizer - a main farming input). You'll notice there are no tariffs on those majority of commodities. But it will impact on manufacturing exports from Canada to the US (cars, furniture, wood products, steel, aluminium). So it's a case of Trump trying to have his cake and eat it too (after his Big Mac).