In her strongest remarks yet on Donald Trump, Foreign Minister Julie Bishop said the US President was "driving an economic nationalist agenda", indicating his policies are considered an economic threat to Australia.

Addressing Australia's ambassadors who have been called together for the first time to brainstorm ways to weather global turbulence, Ms Bishop said on Tuesday morning a retreat towards nationalism is reversing a trend that has underpinned Australia's success.

Ms Bishop pointedly noted that post-World War II economic integration has been "historically supported by United States leadership" and later deepened by China's opening up – all to the benefit of Australia.

But she then added that "in the last year, a counter trend has gathered steam".