"We will not escalate and we will not back down", she added while noting that this trade action was the strongest Ottawa has taken since World War II.
The Government of Canada will invest $50 million over five years to help Canadian companies diversify their exports to take advantage of new trade agreements, such as CETA and CPTPP.
She also said Canada was in discussions with Mexico and allies in Europe, which have also retaliated against the United States imposition in June of 10 percent tariffs on aluminum and 25 percent on steel.
But she said the move was made with "regret" and "very much in sorrow, not in anger" against a close ally.
While there were calls to impose the retaliatory tariffs immediately, the government opted to hold off until July 1 and hold consultations on the retaliatory measures on an array of US goods.
"With the tariff counter measures announced by Minister Freeland today, Canada is fighting back against the illegal and unacceptable steel and aluminum tariffs imposed by the United States against Canada".
Ohio-based trade lawyer Dan Ujczo said he believes there's a significant chance Trump will introduce auto tariffs to some degree, although he predicted they could target the European Union rather than Canada.
The annual conference presents Canadian politicians and business leaders with an opportunity to engage with their USA counterparts - particularly those who share the same opinion on the tariffs, and understand that the Canadian and US economies are intrinsically linked, Bilous said.More news: Apple and Samsung end patent fight after seven long years
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Trump with with Canadian Prime Minister Justin Trudeau during an awkward G7 Summit in early June. "We just can't accept that that behavior, the bullying, from somebody that is going to affect our country, our jobs, our families' livelihoods on a whim", he says. She also repeated that Trump's decision to invoke national security to justify the U.S. tariffs on steel and aluminum imports was "insulting" to Canadian veterans who had stood by their United States allies in conflicts dating back to World War I.
"I don't think we'll see any reaction from the Trump administration".
The Trudeau government's decision to stand up to Trump with retaliatory measures has attracted wide support in Canada.
Bilous acknowledged that both sides get hurt by tariffs but said countermeasures are a necessary step.
Last week, U.S. Commerce Secretary Wilbur Ross said the U.S. tariffs against Canada and other allies were created to force them into action to address the world's overproduction and overcapacity of steel.
Ryder was less optimistic about whether the US would hold off on imposing further tariffs against Canada.
Ottawa would take measures to stop the dumping of steel in the coming weeks once it had finished consulting stakeholders, said Canadian Innovation Minister Navdeep Bains, appearing at the same event as Freeland.
Combined trade in aluminum between Canada and the U.S.is more than $11.4 billion a year.
Business executives warned lawmakers this week that escalation into an all-out trade war would be devastating to the Canadian economy, which sends about 75 per cent of its exports to the United States. "That includes new extended work-sharing, to help employers avoid layoffs, and increased capacity for job and skills training programs for any workers who need them". They've given the president a long leash and will continue to do so.