Auto lobbyists were still scrambling to learn the details of the tariffs, said to be 25 percent on foreign steel and 10 percent on foreign aluminum, and whether they would apply to all countries and for what time period.
The Commission also insisted that any retaliatory measures would comply with rules set out by the World Trade Organization (WTO).
"It's troubling to see an American administration revert to some of the failed policies of the past that not just discourages growth, but punishes [it]", Scheer said.
On Friday, European Commission President Jean-Claude Juncker warned that there would be consequences for the United States if Trump's threat of a 25 percent tariff on steel and 10 percent on aluminium imports takes effect, reports The Guardian.
The EU is poised to hit back against U.S. President Donald Trump's tariffs on steel imports by rolling out countermeasures against €2.8 billion-worth of U.S. exports including Levi's jeans, Harley-Davidson motorbikes and bourbon whiskeys.
"The biggest issue we're dealing with in the industry right now is the volatility in pricing", Rogers said.
The newspaper said the George W. Bush administration in 2002 imposed high tariffs, hoping to protect USA steel firms, which prompted fierce protests from the European Union. Arcelormittal Dofasco is making more steel than ever and Stelco is operating again.
Other world leaders also threatened retaliation.
He said the imposition of new tariff on import of aluminum and steel would create new jobs in the industry.
Meanwhile, the US President on Friday night asserted that "trade wars are good".
A Chinese foreign ministry spokesman said: "If all countries followed the example of the United States, [it] will undoubtedly result in a serious impact on the worldwide trade order".
The United States first became a net importer of steel in 1959, when steelworkers staged a 116-day strike, according to research by Michael O. Moore, a George Washington University economist.