"In itself, it will not make much difference to the direction of the world economy", he said.
"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the United States of America".
Brazil, which after Canada is the biggest steel supplier to the USA market, said it wanted to join the exemption list, and Argentina made a similar case.
"The European Union, wonderful countries who treat the USA very badly on trade, are complaining about the tariffs on Steel & Aluminum".
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Other trade partners, including Japan and China, have also voiced anger and pledged retaliation if the U.S. tariffs are enacted as expected on March 23. "That's because both steel and aluminum are intermediate goods, suggesting that they will adversely affect other manufacturers", he added.
Trudeau said he's willing to work with the USA on a stronger solution. It has threatened to slap retaliatory duties on around 2.8 billion euro (£2.4 billion) worth of USA steel, agricultural and other products like peanut butter and orange juice if it is not excluded from the tariff regime.
Overall, the primary metals industry in US, which is largely steel and aluminum, accounts for just under 0.7 per cent of the economy.
"The tariffs will extend an upswing in steel and aluminum prices and users' input costs".
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Even if US manufacturers increased their output of the two metals, it would add only 0.05 per cent to GDP, according to Guatieri.
Trump exempted Canada and Mexico from the tariffs he signed last week.
The announcement of duties of 25 percent on imported steel and 10 percent on aluminium has stung the European Union, coming as a surprise to United States allies and also to many in Washington.
Quebec Premier Philippe Couillard spoke to reporters alongside Trudeau and said he wouldn't accept any undue pressure on the province's dairy farmers as a potential compromise in the steel and aluminum conflict.
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After Trump opened the door, Brazil, Japan, South Korea, Australia and Europe clamoured for special treatment, while Chinese producers called on Beijing to retaliate in kind. It's a law passed in 1962 that allows tariffs to be imposed by the president when imports are deemed to be damaging to USA national security. Politico quotes the Mexican Economy Ministry in a release that says, "The process of negotiations for the NAFTA modernization continues on a course independent of this or any other internal political measure that the US government takes". The president has often threatened to pull out of the trade pact unless the countries reach a deal that better serves USA interests.