Anthony Albanese has indicated he will use former prime minister Malcolm Turnbull's argument Donald Trump shouldn''t impose tariffs on the nation's exports because the US has a trade surplus with Australia.
The election of Mr Trump has sent reverberations around diplomatic circles with concerns his protectionist, America-first trade policies and import tariffs could skim tens of billions of dollars off the Australian economy.
Australia will promote stronger trade ties and work with international partners on economic growth, the prime minister said ahead of travelling to the Asia-Pacific Economic Cooperation (APEC) conference in Peru on Wednesday.
"We are working at home and with international partners to put downward pressure on inflation and help safeguard Australia’s economy against global challenges," Mr Albanese said in a statement.
Mr Albanese said he remained optimistic about the trading relationship under a Trump presidency, revealing he and the president-elect discussed trade in their first phone call.
"I pointed out the United States has a trade surplus with Australia, so it's in the United States' interest that they trade fairly with Australia," he told ABC Radio on Wednesday.
"The United States is a major investor here in Australia (and) that investment creates economic activity and creates jobs."
Opposition Leader Peter Dutton backed the prime minister's approach and said he would be "first in line" supporting the government in putting forward Australia's case.
"Tariffs do increase inflation ... and if there is a tariff applied, people paying higher prices for goods, it's going to make it more difficult, particularly for trading nations like Australia," he told ABC Radio.
"I'll do everything I can in our country's interest to help those producers and manufacturers, because they create jobs and they create wealth for our country."
Mr Trump's election comes as APEC leaders from 21 major economies meet to boost trading relationships in the region and promote economic growth.
The forum will include US President Joe Biden and Chinese President Xi Jinping.
The prime minister wouldn't say whether he planned to meet with the Chinese leader on the sidelines, but noted China was Australia's largest trading partner.
"The strategic competition that exists between the United States and China is something that we're dealing with as well," Mr Albanese said.
"We can play a role as a middle power. Essentially, Australia - we're trusted - our word matters."
Peru is searching for more consensus among leaders within the non-binding forum after an agreement on green energy, economic inclusion of persons with disabilities and reducing food wastage.
China has large holdings in major Peruvian mining projects, which Lima wants to diversify by attracting Australian investment with a Peruvian delegation led by the prime minister soliciting interest at a mining conference in Sydney.
Peru had to be wary of being over-reliant on China, which has $US25 billion ($A38 billion) invested in the South American nation's mining and critical minerals sector, Energy Minister Romulo Mucho told AAP.
More than 15,000 police and soldiers have been deployed across the Peruvian capital Lima, schools have been shut and public servants have been told to work remotely as the leaders arrive.
A ministerial meeting will take place on Thursday before leaders meet on Friday and Saturday.
Mr Albanese will travel from APEC to the G20 summit in Brazil, where he will discuss Australia being a "major power" in food security due to its agriculture sector as well as a vital supplier of energy.
