Tariffs of 25 per cent on steel and aluminium have already come into effect following Australia's failure to secure an exemption, and billions of dollars in Aussie beef could be next on the chopping block.
After speaking to US Commerce Secretary Howard Lutnick on Friday morning, Trade Minister Don Farrell said he would stand with beef, wine and other agricultural exporters to protect their interests and compared the situation to discussions that recently led China to lift similar trade restrictions on Australia.
"The Albanese government has your back," he told the Global Good Forum in Melbourne.
"We'll stand with you from shoulder-to-shoulder to protect our trade interest, just like we did to resolve all those issues with China."
As US President Donald Trump pledges to protect American agriculture there is still limited information from his government about further tariffs. This makes estimating the potential impact difficult, but the US was Australia's most valuable cattle industry export market in 2023-24, totalling about $3.4 billion according to Rural Bank.
Cattle Australia chief executive Chris Parker has said he is "extremely concerned" by Mr Trump's protectionist comments and  will "vigorously oppose" any barriers to free trade and market access.
If Australia is slapped with beef tariffs, Senator Farrell said it could try to diversify exports and enter trade agreements with other nations.
The coalition has said the federal government should have sent Prime Minister Anthony Albanese to face-to-face talks with Mr Trump, and hasn't done enough to secure an exemption from steel and aluminium levies.
"We have a unique relationship with the US and I want to see our prime minister fighting for every single job in this country that depends on a tariff exemption," Deputy Opposition Leader Sussan Ley told Sunrise.
Australia has pressed on with negotiations, and Senator Farrell said it was important to note none of the countries that secured an exemption in Mr Trump's first term have managed to secure a repeat - regardless of whether they met with the president.
"It didn't matter whether you had a face-to-face meeting with the president, whether there were more meetings between trade ministers and the commerce secretary, or whether there was more discussions with the ambassadors," he said.
"The decision was already made."
A trade war could break out in the northern hemisphere after Mr Trump threatened to slap a 200 per cent tariff on wine, cognac and other alcohol imports from Europe following its plan to impose retaliatory levies on US whiskey.
Former Labor leader Bill Shorten has urged Australia not to rule out a similar response.
"Australia might be a bit smaller than America, but we're not a soft mark," he told Sunrise.
"At the end of the day, if they keep putting tariffs on all of our goods, then we've got to reciprocate dollar for dollar, tariffs for tariffs."
However, the government has continued to talk down this option, noting it would push up prices for consumers.
"As tempting as that might be to give some satisfaction, I don't think it's the way to resolve these outstanding issues," Senator Farrell said.
"A sensible, calm, collected approach - the way we connected with China - is the way we need to deal with these issues."
Meanwhile, the federal government is encouraging shoppers to buy Australian products and Labor considering local quotas for major projects across the nation amid fears cheap steel could be dumped in Australia.
"We need a Team Australia approach here, because there's going to be plenty more challenges ahead," Senator Farrell said.
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