Prime Minister Justin Trudeau tells business leaders at the Canada-U.S. Economic Summit in Toronto that U.S. President Donald Trump’s threat to annex Canada 'is a real thing.'

Canadian Prime Minister Justin Trudeau told a business gathering on Friday that US President Donald Trump’s threat to annex Canada “is a real thing,” two Canadian business leaders who were at the meeting confirmed to CNN.

Canadian business and labor leaders will meet in Toronto this Friday to discuss diversifying trade and boosting the economy in the wake of U.S. threats to impose tariffs, Prime Minister Justin Trudeau said on Wednesday.

The federal government is hosting a summit in Toronto today aimed at bolstering the economy in the face of Canada's rapidly changing relationship with its largest trading partner.