"The Prime Minister has decided to launch consultations on a broad and extensive list of aluminum-containing products. We invite Canadians and Canadian businesses to participate in these consultations over the next 30 days, after which we will impose retaliatory tariffs," Freeland said, adding that the cost of the retaliatory tariffs is expected to be $2.69 billion.
Freeland said that the 30-day period is necessary to consult with Canadians about impending tariffs but added that in the best-case scenario the US reconsiders before the tariffs come into effect on 16 August.
The tariffs have been met with vocal opposition by Canadian officials and the business community.
Ontario Premier Doug Ford called the newly re-imposed tariff "totally unacceptable" and said that additional levies may be in the works.
"I hear they’re going to do tariffs on our steel industry as well," Ford told reporters on Friday.
Freeland said that she would not speculate on the possibility of any additional tariffs and said that such questions are best addressed to the US administration.
Freeland and the Canadian business community noted that any tariffs would be to the detriment of US manufacturers and consumers.
On Thursday, US President Donald Trump signed a proclamation re-imposing a 10 percent tariff on Canadian aluminum.
Trump said that the tariff on aluminum imports was introduced after Canadian aluminum producers broke a commitment not to flood the United States with aluminum imports that was made by the Canadian government when the first round of tariffs was lifted.
Trump said that he was advised by US Trade Representative Robert Lighthizer that re-imposing tariffs is "absolutely necessary."