Prime Minister Anthony Albanese has confirmed he will speak directly with U.S. President Donald Trump in order to secure an exemption for Australia from the new 25% tariffs on steel and aluminum.

Trump's decision to introduce the tariffs caused a drop of AU$15 billion on the ASX, with the ASX200 falling 0.5% during early trading.

During question time on Monday, Albanese confirmed that he has scheduled a call with Trump and assured that he would approach the situation diplomatically, News.com reported.

"Australian companies have significant investments in US steel industry creating thousands of jobs in both the US and in Australia," he said. "We will continue to make the case for Australia's national interest with the US........

© International Business Times