Tariffs, Retaliation, and the Economy: What's at Stake for Canada? Canada has a range of tools to influence trade negotiations with the US, but economists caution that using them comes with significant costs.
Economists like Don Drummond and Christopher Ragan point out that Canada can exert pressure on the US by restricting or taxing exports of essential resources.
Canada's control over energy and fertilizer imports is substantial: in 2025, we accounted for an impressive 63% of oil imported into the US, 81. 3% of electricity, almost 100% of natural gas, and 80% of potash.