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.

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

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

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.

Economic cooperation between Brasilia and Washington should be enough to guarantee a solution that is beneficial to both countries, the group added.