All Australian exports to the US could soon be slapped with fresh tariffs as Donald Trump's decision to impose the measures casts a shadow over the federal election.
Mr Trump will unveil his latest round of tariffs on Thursday morning, Australian time, as part of his so-called "Liberation Day", with some reports showing a blanket 20 per cent margin will apply.
Tariffs on pharmaceuticals and agricultural sector imports are expected, as well as measures responding to Australia's news bargaining code which forces social media companies to pay media outlets for content on their platforms.
Prime Minister Anthony Albanese did not rule out Australia taking the US to the World Trade Organisation if the nation was hit with more tariffs.
"What I can say is that we are prepared for all possibilities going forward," he told reporters on Wednesday.
"Tariffs are an act of economic self-harm on those who impose it. It increases costs for buyers in the United States."
Australia's exports to the US represented less than five per cent of its global goods exports, Mr Albanese added.
Opposition Leader Peter Dutton said while there was bipartisanship on not compromising on pharmaceuticals or biosecurity arrangements in exchange for exemptions, he would be more assertive with Mr Trump.
"If I needed to have a fight with Donald Trump or any other world leader to advance our nation's interests, I'd do it in a heartbeat, and I'll put the Americans on notice," he told Sky News.
"I'm not going to allow the president of the United States or the prime minister of the United Kingdom or anyone else to walk over me or to walk over our country.
"At the moment they see a prime minister who is weak and flapping in the breeze."
Mr Dutton dismissed concerns a fight over tariffs could disrupt the AUKUS security pact.
"I don’t care whether it is President Trump or any other world leader, my job is to stand up for Australians and I have the strength and experience to be able to do that," he told reporters in Melbourne.
But the prime minister said an aggressive approach would not work.
"Peter Dutton will always dial things up to 11," he said.
"He thinks this is a contest of who can say the most aggro things.
"That's not the way diplomacy works.
"The last time around, he was praising President Trump, rather than standing up for Australia."
Finance Minister Katy Gallagher said Australian officials were still pressing the case to US representatives for an exemption to any future tariffs.
"We've been working through our established channels to explain to the US the Australian government's position and to respond to issues that they raise with us," she told reporters in Canberra.
"We've been very clear with them what we stand for and the fact that we serve the Australian people."
It's expected the US tariffs will apply immediately after being announced, with White House press secretary Karoline Leavitt saying the president was open to negotiating with countries afterwards.
Foreign Minister Penny Wong has all but conceded Australia is unlikely to avoid being hit.
"We'll keep working hard for the best outcome, but I think all of us are realistic," she told ABC Radio on Wednesday.
As the tariff threat looms, both party leaders used the fifth day on the campaign trail to shore up support in marginal seats in Melbourne, which will be key to deciding the election.
Mr Albanese visited a childcare centre in Deakin, currently held by the coalition, to spruik Labor's submission to the industrial umpire backing a rise to low-paid workers.
Meanwhile, Mr Dutton visited a home in the outer suburban seat of McEwen, an electorate on Melbourne's outskirts the coalition is looking to win back.
