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.

Prime Minister Justin Trudeau, in a talk with business leaders, said Canada’s wealth of critical minerals are behind Mr. Trump’s comments about making its northern neighbor a U.S. state.

Trudeau told business and labor leaders that he didn’t believe Trump was joking about wanting to annex Canada, citing the country’s minerals and energy resources.