The US president announced a plan to double levies on foreign steel from 25 per cent to 50 per cent, due to come into effect this week.
Australian goods exported to the US are already subject to a 10 per cent baseline tariff.
The sudden doubling of steel and aluminium tariffs was unexpected, Australian Steel Association chief executive David Buchanan said.
"It was quite a shock, but we shouldn't be shocked by anything ... that happens at the moment out of the US," he told ABC's RN on Monday.
Mr Buchanan said the US president's decision would not have a major impact on Australian industry, but would result in increased prices for American consumers.
He said the association was yet to see dumping of cheap foreign steel into Australia.
"We do have a very strong system to protect the industry from dumped materials," Mr Buchanan said.
Prime Minister Anthony Albanese branded the move an act of "economic self-harm" and is expected to sit down with the American leader on the sidelines of the G7 summit in Canada later in June.
Mr Trump's deepening trade war is considered destabilising to the framework that has benefited middle powers such as Australia.
Asked if Australia might challenge the tariffs before the World Trade Organisation, cabinet minister Chris Bowen told the ABC on Sunday: "I'm sure we will consider all options available to defend the best interests of Australian industry".
Announcing the steel and aluminium tariffs earlier in 2025, Mr Trump committed to imposing them "without exceptions or exemptions" in a bid to help shield domestic industries.
The Albanese government has ruled out retaliatory tariffs against the US as it tries to secure an exemption for Australian goods.
But Australia could take the US to the WTO, as it did with China when punitive trade sanctions were imposed during the COVID-19 pandemic as diplomatic relations hit a low.
Trade Minister Don Farrell said the government would continue to "coolly and calmly" argue its case for the removal of the tariffs.
Canada has taken the US to the umpire, which determines global trade rules.
Senator Farrell will travel to France, leading Australia's delegation to the OECD Ministerial Council Meeting.
On the sidelines of that meeting, Australia will host an informal meeting of WTO ministers to discuss the importance of an open, rules-based global trading system.
In Mr Trump's first term, the US president gave Australia exemptions on the argument the US has a trade surplus with the nation.
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