Prime Minister Anthony Albanese has sought to play down the potential impact of the tariffs on Australia.
He said the US accounts for less than five per cent of Australia's exports.
"Many other countries will be hit much harder by today's decision than Australia," he said.
"There's an argument, actually, about the comparative impact of these - this decision made by President Trump, that puts us in a position where I think no nation is better prepared than Australia for what has occurred today."