Trade Minister Steven Ciobo says while Australia would welcome the US into a cross-Pacific international trade agreement, the 11 countries already involved wouldn't want to make wholesale changes to the deal.
Donald Trump has ordered his top trade advisors to take a fresh look at the Trans-Pacific Partnership, having pulled out of negotiations shortly after he became the US president because he wanted a better deal.
"I can't see us unpicking all the stitching that brought this deal together to accommodate the US at this point," Mr Ciobo told Sky News on Sunday.
He said there are "pros and cons" with the US joining, particularly as Australian farmers will benefit when the TPP comes into operation and especially beef farmers' access into Japan.
"If the United States isn't a part of it then that is good for Australia ... because it means our Australian beef farmers are getting much market access than US beef farmers," the minister said.
One area Mr Ciobo would draw the line on the US entry is over its previous demand for pharmaceutical patent protections.
"Australia will not accept a situation where we would see an impact on our pharmaceutical benefits scheme or the pricing of drugs in Australia," he said.
"I have always been firm on that, the government is firm on that."
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