Donald Trump has accused Australian exporters of exploiting the steel and aluminium tariff exemptions they were granted in 2018, raising the prospect of quotas should Prime Minister Anthony Albanese succeed in securing a future carve-out.

Mr Trump told Mr Albanese in a 40-minute phone call on Tuesday that he understood Australia’s argument that, unlike other nations, it had a trade deficit with the US and agreed that an exemption to 25 per cent tariffs on steel and aluminium would be “under consideration”.