The high-powered meeting convened by Treasurer Jim Chalmers will reportedly take place on Wednesday and include the heads of the central bank and the banking, business and consumer watchdogs, according to Nine media.
"It's a confidence building measure with the electorate to say, 'look, we're getting our best brains together to work out how we diversify our markets, how we adjust our economy, how we get ready for this'," ex-ambassador to the US Arthur Sinodinos told Nine's Today program.
"It's the sort of thing you'd expect any government to do."
The gathering of the heads of the Reserve Bank of Australia, Australian Prudential Regulation Authority, Australian Securities and Investments Commission and Australian Competition and Consumer Commission is taking place ahead of Dr Chalmers' election debate against his coalition counterpart.
Perennial issues - the cost of living, energy bills and healthcare - have dominated the federal election campaign, that is until Mr Trump lobbed an economic hand grenade into the contest.
The president's tariff bomb has sparked a global market rout and brought the question of which of the two major parties is the best economic manager to the fore as Dr Chalmers and shadow treasurer Angus Taylor prepare to square off in the first treasurers' debate on Wednesday night.
The coalition has traditionally banked on its reputation as superior economic managers but recent polling suggests voters are no longer convinced.
A survey by pollster Redbridge found 31 per cent of respondents thought Labor's economic vision was better for the nation, compared with 29 per cent who thought the coalition had a superior plan.
Opposition Leader Peter Dutton attacked Labor for weakening Australia's economic position, undermining the nation's ability to respond in a crisis.
"The government hasn't prepared our economy," he told reporters on Tuesday.Â
"Labor has made decisions in subsequent budgets now which make it harder for the economy to function with international headwinds."
But Prime Minister Anthony Albanese said his government had improved the budget bottom line by $207 billion over its first term, turning a deficit in the last year of the previous coalition government into two surpluses.
However, the budget has since returned to a structural deficit.
Labor is confident that Dr Chalmers' communications skills will help him overpower Mr Taylor in any debate.
But on paper, Mr Taylor - a Rhodes Scholar and winner of the prestigious University of Sydney economics medal - can boast about his economic credentials.
Mr Taylor slammed the treasurer's economic know-how as he criticised him for not asking Treasury to model what the effects would be if countries imposed retaliatory tariffs, resulting in an escalating trade war.
"The history of trade barriers going up like this ... is they are often reciprocated," Mr Taylor said.
"It is clear the treasurer has not asked for that (modelling), and I think that's extraordinary. I mean, it shows you how out of his depth he is, how out of touch he is, and how little he understands about economics and economic history."
The pair have at least found common ground on one thing: ruling out imposing retaliatory tariffs on the US, which they say would add to the cost of living pain felt by Australian consumers.
