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The stock was the top loser on the benchmark ASX 200 index, which was down 0.7%.

The same applies to steel and aluminum, key materials for car production, which both Mexico and Canada export to the US.

Their comments came after Trump signed an executive order on Feb 10, announcing a 25 percent tariff on all US steel and aluminum imports from March 12.

"China's 'circle of friends' to develop the circular economy is constantly expanding," Zhu Liyang said.

Contrary to the US administration's claims, Nagel asserted that tariffs would likely have negative consequences for the United States as well.

The UK government has reaffirmed its commitment to invest £2.5 billion ($3.15 billion) to support the steel industry and protect jobs in the steel sector.

Oman is accelerating industrial growth with new projects in key sectors such as metals, mining, and construction.

The Ministry of Trade, Industry and Energy said the government will actively express its position and consult with the U.S. administration to protect the interests of the local steel industry.