Australian treasurer Jim Chalmers is set to meet with his American counterparts in a bid to get an exemption from US tariffs on steel and aluminium.

An announcement from President Donald Trump on whether Australian industries will be granted a tariff exemption is due in the coming weeks.

Australian correspondent Oliver Peterson says there's a possibility the current trade surplus between the nations will even things out - but it's unclear if Australia will be able to get out of the tariffs.

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