"We can't let Canada become an opening that the Chinese pour their cheap goods into the US," Bessent said on ABC's "This Week."

During a visit to Beijing on January 16, Canadian Prime Minister Mark Carney announced a thaw in bilateral relations with China, saying the two countries had struck a "new strategic partnership" and a preliminary trade deal.

Under the deal, China is expected to reduce tariffs on canola imports from Canada by March 1 to around 15 percent, down from the current 84 percent.

China will also allow Canadian visitors to enter the country visa?free. In turn, Canada will import 49,000 Chinese electric vehicles (EVs) under new, preferential tariffs of 6.1 percent.

The deal came amid a trade war with Canada, with the Trump administration imposing import duties on its northern neighbor.

When "This Week" host Jonathan Karl asked Bessent to clarify whether the United States would make good on a threat made by Trump on Saturday to impose tariffs of 100 percent on Canadian imports, the Treasury chief, replied: "There's possibility of 100 percent tariffs if they do a free trade deal."

He added that the new tariffs would be imposed "if they go further, if we see that the Canadians are allowing the Chinese to dump goods."