The two leaders spoke on the phone in a "constructive and warm discussion" on Tuesday morning, AEDT, with Mr Albanese putting forward the a case for an exemption.
"We agreed on wording to say publicly, which is that the US president agreed that an exemption was under consideration for in the interests of both of our countries," Mr Albanese told reporters in Canberra.
"We'll continue to engage quite clearly, constructively."
The phone call, set up before Mr Trump's tariff plan was revealed, marks the first time the two leaders have spoken since the president was sworn in in January.
Mr Trump imposed similar tariffs on steel and aluminium during his first term in office, but Australia was able to carve out an exemption.
The prime minister said he raised during the talks that the US has a trade surplus with Australia going back decades.
"What I envisage is continuing to act to respond diplomatically. That's how you get things done. My government's got a record of getting things done in Australia's national interest, I'll continue to do so," he said.
Mr Albanese said he was confident about a deal being struck on an exemption.
"If you have a look at what we've achieved already, it's been a tremendous start to the relationship," he said.
"The relationship is in good shape."
The pair also discussed critical minerals and Australian Jordan Mailata being part of the Philadelphia Eagles, who won the Superbowl on Monday.
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