Trump has been floating the idea of the name change in recent days as the U.S. announced it was imposing 50% tariffs on $20 billion worth of Canadian goods over the weekend after talks between the countries broke down.
Trump has been needling America's northern neighbor since he returned to the White House last year, suggesting the ally with whom the U.S. once had warm relations should instead be absorbed as the 51st state.
Canada responded to Trump's import taxes this week by imposing retaliatory tariffs on $20 billion worth of American goods, including steel, dairy products, appliances and farm equipment.