Mr Luxon spent Thursday delivering a speech on the risks to global trade from the US actions, suggesting a collective approach between trading blocs was needed.
"You've got 15 per cent of world trade tied up in the (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), there's a real opportunity for us to co-ordinate and to work together," he said.
"One possibility is that members of the CPTPP and the European Union work together to champion rules-based trade and make specific commitments on how that support plays out in practice.
"My vision is that includes action to prevent restrictions on exports and efforts to ensure any retaliation is consistent with existing rules.
"Collective action, and a collective commitment, by a large portion of the global economy would be a significant step towards preserving free trade flows and protecting supply chains."
The CPTPP is a 12-nation trade region including Australia, Canada, Chile, Mexico, Peru, the United Kingdom, New Zealand and several Asian nations.
Mr Luxon said he would spend Thursday afternoon talking to Indo-Pacific leaders and in the evening make calls to Europe, to gauge support for the idea.
However, in an odd twist, Deputy Prime Minister and Foreign Minister Winston Peters said such action would be "very premature".
"What would you talk about (with other leaders)? What's the tariff regime going to be in the end? Do we know what that's going to be? No ... What would you actually talk about? Think about it," Mr Peters said, as reported by The Post.
"I've taken the stance that experience matters. In this case, wait until we see what emerges with the tariff war that's going on.
"It'll come to a resolution much quicker than people think and as in the last 24 hours, we've already seen the beginnings of that so let's not panic here."
Mr Luxon has not responded to his deputy's rebuke.
New Zealand, a trade-reliant nation, was hit with baseline 10 per cent tariffs last week, which Treasury costed at around $NZ900 million ($A828 million) or 0.2 per cent of GDP.
Mr Luxon said that was not his biggest concern from the US action.
"The second order consequences of a region and a world retreating from trade and increasingly uncertain about its economic future will be more significant," he said.
"For as long as I am prime minister, New Zealand will keep making the case for trade as a cornerstone of our prosperity."
The EU, which already has a free trade deal with New Zealand, has in the last 24 hours proposed to resume stalled talks with Australia in the aftermath of the Trump tariffs.
Mr Luxon is travelling to Europe at the end of the month in a trip expected to take in bilateral talks with the UK and Anzac Day commemorations in Gallipoli.
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