Canada's Deputy Prime Minister Chrystia Freeland warned the U.S. in a statement on Friday that Canada will impose tariffs equivalent to those imposed by the U.S.

Freeland denied that Canadian aluminium undermines U.S. national security, called the measures "unwarranted and unacceptable" and said the country plans to "swiftly impose dollar-for-dollar countermeasures."

What Happened: Speaking in Ohio on Thursday, U.S. President Donald Trump said he'll reimpose a 10% tariff on Canadian aluminium products in order to protect U.S. industry.

Back in 2018, the U.S. imposed a 25% tax on steel and 10% on aluminium on Canada. Canada and the U.S recently reached a deal to lift tariffs on steel and aluminium imports on grounds of "national security."

Trump said the tariffs are necessary to defend the U.S. aluminium industry because Canadian producers have broken a commitment to stop flooding the U.S. market with a cheaper product.

Canada's Freeland said Canada does not want to inflame the situation, but will not back down.

Price Action: On Friday, aluminum stocks were calm following the comment from Canadian deputy prime minister. 

Alcoa (NYSE: AA) shares were down 1.88% at $14.63 at the time of publication. The stock has a 52-week high of $23.46 and a 52-week low of $5.16.

Related Link: 'Tariffs Hurt The Heartland': What You Should Know