Turnbull told reporters that Trump "was able to confirm that he would not have to impose tariffs on Australian steel and aluminium", and that now the paperwork will be done "to put that direction into effect".
The conversation with Australian Prime Minister Malcolm Turnbull came after the president instituted a tariff of 25 percent on steel and 10 percent on all aluminum imports.
Thousands of Australian and US jobs could be affected if the US President keeps his promise to hike steel tariffs, which Mr Turnbull wants an exemption from.
Opposition trade and investment spokesman Jason Clare praised the government for securing the exemption, but was still wary of what tariffs on other United States trade nations might mean for Australian jobs.
The announcement is a major diplomatic victory for the Turnbull government, which has been lobbying hard for Australia to be exempt from the tariffs.
"We will be making a decision as to who they are - we have a very close relationship with Australia", he said.
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"I had a frank discussion with the U.S. side about the serious pending issue of steel/aluminum tariffs, " the top European Union trade official, Cecilia Malmström, wrote on Twitter after the meeting.
He said any special treatment afforded to Australia would only apply to shipments coming out of the country, and not to those from Australian companies in third markets.
"We have a very close relationship with Australia, we have a trade surplus with Australia, great country, long-term partner, we'll be doing something with them", he said.
He said the threat of Australia sustaining collateral damage in a trade war also remained real.
Australian steel and aluminium to the United States were worth just over $400 million a year ago.
Despite being one of the world's largest suppliers of raw commodity, iron ore, Australia is a small global exporter of steel.