Canada could potentially use oil and gas exports as a lever in negotiations if U.S. tariffs on Canadian imports escalate, Foreign Minister Melanie Joly told a Toronto business audience on Wednesday.

About one-sixth — 16% — of global gasoline exports originates in the U.S. This critical export provides Americans with jobs and eases the U.S. trade deficit. It also keeps other countries dependent on us — the kind of economic leverage President Trump is always talking about.

New England is particularly reliant on fuel and other energy imports from Canada. Trump imposed a 10% tariff on that sector, instead of the full 25% tax other industries are facing. But experts say even that additional cost is still likely to be passed on to consumers.