The tariffs also don't bode well for ongoing North American Free Trade Agreement (NAFTA) negotiations.
In an interview on CTV's Question Period with Evan Solomon, Freeland said the $16.6 billion in countermeasures set to come into effect on Canada Day could expand or contract by the time the window for consultations closes on June 15.
But the US Commerce Secretary Wilber Ross announced today that the tariffs will apply to the European Union - as well as Canada and Mexico - from midnight.
Canada and Mexico's retaliatory tariffs on steel could prove particularly damaging to the USA steel industry.
On Thursday, U.S. levelled steel and aluminum tariffs on Canada, among other countries, and Ottawa retaliated with its own trade action, including new taxes on steel, aluminum, and various other American products.
No last-minute deal: Many officials in the European Union were banking on a last-minute breakthrough deal that would have either extended exemptions to the tariffs, which were first introduced for global steel and aluminum imports in late April, or introduced a permanent exclusion from the tariffs.
French Finance Minister Bruno Le Maire accused the Trump administration of treating global trade like a Hollywood western, saying the US tariffs were "unjustified, unjustifiable, and dangerous" to the world economy because they risk causing a trade war that will hurt growth everywhere.
"The EU and United Kingdom should be permanently exempted from tariffs and we will continue to work together to protect and safeguard our workers and industries".
Brussels is also preparing to slap tariffs on United States products including bourbon, motorcycles and blue jeans worth up to €2.8 billion (S$4.4 billion).
In a statement to The Associated Press, the company said it views the tariffs with "regret and concern".
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The EU has stressed that its industry has also been damaged and offered to work with the USA to find a multilateral solution through the World Trade Organisation.
In 2002, the administration of President George W. Bush slapped tariffs on imported steel. Canada is also considering imposing levies on high-profile US -made consumer goods and luxury items, with the goal of hurting the United States in a visible way without damaging Canada's economy by restricting necessary imports. House Speaker Paul Ryan, who is not seeking re-election, said he disagrees with the decision.
"Unilateral responses and threats over trade war will solve nothing of the serious imbalances in the world trade.
We see a drop in growth, we see GDP numbers", he said.
European Commission President Jean Claude Juncker said President Trump's tariffs were "totally unacceptable".
According to the economist, the most important concern regarding the steel and aluminium tariffs is not the direct damage, but the fact that the USA has begun to step away from a liberal economic policy.
Top European officials held last-ditch talks in Paris with American trade officials to try to avert US tariffs on steel and aluminum.
"It's very complicated", says John Brew, a trade lawyer at Crowell & Moring LLP.
He also discussed addressing a trade imbalance with Europe in a phone conversation with French President Macron, who warned that Europe would respond in a "firm and proportionate manner".
Steel and aluminum, for instance, are used in so many industries that tariffs will boost input costs in sectors from food and beverage manufacturing to aerospace, and producers will likely try to pass along the tariffs to consumers in the form of higher prices.