John Healey said the government is in talks with the US over Donald Trump's threat to stop exports.
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The threatened proposal aims to protect US consumers from rising costs, but it could trigger major economic waves if it were to happen.
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John Healey's speech comes ahead of next month's Budget, as he faces pressure to bring down government borrowing costs.
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Aldi is the only major supermarket chain that doesn't operate a loyalty scheme, which are hugely popular and used by millions of shoppers.
Business
Aldi is the only major supermarket chain that doesn't operate a loyalty scheme, which are hugely popular and used by millions of shoppers.
Business
The US-Israel war with Iran has caused fuel prices to soar due to disruption of global oil supplies.
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The average price of a litre of diesel at the pump stands at 198.32p, according to the RAC motoring body.