This is the same EU who once reduced the Canadian trade minister to (literal) tears, and made her denounce the (accurate) fact that, and I quote, "Europe is not capable of signing a trade deal". Notably, the EU has never ratified the Canada FTA and everyone's just sort of pretending it did for convenience's sake.
Nice symbolism, but this is merely being used as leverage in Canada's negotiation with the US. "See, we have other options!"
Worth adding that Europe is far more protectionist than the US, so this is farcical. Sort of like when celebrities were saying they'd move from the US to Europe in the aftermath of the Dobbs ruling... only to find out abortion law is far, far more restrictive in almost all of Europe than California or New York.
Meanwhile the EU itself is about two years away from being run by the AfD + the Le Pen freak show, judging by all available data.