U.S. President Donald Trump says he has agreed to consider a tariff exemption on Australian steel and aluminum imports after a telephone conversation with Australia’s prime minister.

Dubai-owned ports and logistics company DP World's CEO Sultan Ahmed bin Sulayem said on Tuesday U.S. President Donald Trump expects other markets to be open if the United States is.

While a timeline for a decision has not been announced, both countries agreed a tariff exemption for Australia was “under consideration”.