Trade Minister Steve Ciobo insists there is no point hyperventilating over trade ties with the US in the wake of Donald Trump's victory in the presidential election.
During the election campaign Mr Trump vowed to return to a more trade protectionist position that aims to preserve American manufacturing jobs.
The controversial Trans-Pacific Partnership deal is likely to be the first casualty of the new administration
The world also faces the prospect of a trade war between the Washington and Beijing, with Mr Trump threatening to slap a 45 per cent tariff on Chinese imports.
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But Mr Ciobo says Australia and the US enjoy a great trade relationship and he is confident that would continue.
"It is important that people don't start hyperventilating," he told ABC TV on Thursday.
"I just don't see the United States withdrawing from the world. I know some paint that doomsday picture. I don't think that will come to pass."
Australia and the US signed a free-trade agreement in 2004.
Mr Ciobo insisted US Ambassador Joe Hockey had done a meticulous job making contacts in both the Trump and Clinton camps and would hit the ground running engaging with personnel in the incoming administration.
Earlier, Prime Minister Malcolm Turnbull confirmed he had discussed the TPP with Mr Trump during a phone conversation on Thursday.
The prime minister acknowledged Mr Trump's opposition to the treaty but maintained the pact was in Australia's national interest.
"The argument we have put to the United States is that it is in America's strategic interest to be seen to be the cornerstone of an important trade agreement in our region," Mr Turnbull said.
US Senate Majority Leader Mitch McConnell has dashed any remaining hopes the TPP deal will come up for a vote before Mr Trump takes office in January.
"It's certainly not going to be brought up this year," Mr McConnell said.
Any decisions on TPP or other future trade agreements would be up to Mr Trump, who would still have the authority for four more years to negotiate "better deals" with expedited approval procedures in Congress.
The Obama administration has been promoting TPP among lawmakers and industry groups in anticipation of a long-shot, post-election vote despite opposition to the deal by Mr Trump and his Democratic opponent Hillary Clinton.
