Mr Trump said he will not be imposing the tariffs on the "great nation of Australia", fulfilling a promise he made to Prime Minister Malcolm Turnbull.
President Donald Trump says talks are underway with those nations, which he describes as great partners and military allies. "Working very quickly on a security agreement so we don't have to impose steel".
Turnbull's government reacted with shock last week when Trump announced that the US would be imposing stiff tariffs on imports of steel and aluminum.
The new tariffs exempted Mexico and Canada.
Several countries have sought to gain exemptions from the tariffs, which are set to take effect later this month.
The tariffs drew fire from many foreign governments, who warned that they could take retaliatory trade measures against the USA if Trump made good on his plan to levy the heavy duties on steel and aluminum.
United States trading partners were given a 15 day window to negotiate exemptions to the tariffs, due to come into effect in a fortnight.