Donald Trump wants to come to Australia to cement the country’s “terrific relationship” with the United States, using a meeting with Malcolm Turnbull to promise action on trade and military deals.

Speaking after welcoming Mr Turnbull to the White House, the US President said “we will be there” when asked if he would like to visit Australia.

Mr Trump gave Mr Turnbull a ceremonial welcome to the White House with an honour guard for the Prime Minister and his wife, Lucy. They then walked along a colonnade with the first lady, Melania.

The two leaders then spoke in the Oval Office before having a working lunch with top advisers.

Their meeting comes after Mr Turnbull met with US Treasury Secretary Steven Mnuchin on Thursday (local time) and backed tough new US sanctions against North Korea.

The Trump administration announced its biggest sanctions ever on Friday, aimed at punishing companies that do business with the rogue regime of Kim Jong-un. It came after North Korea refused to meet Vice President Mike Pence on the sidelines of the Winter Olympics in South Korea.

In a press briefing at the White House, Mr Mnuchin said Mr Turnbull was “very supportive” of the new actions after they discussed the issue at their meeting ahead of the formal announcement.

Australia already imposes sanctions on North Korea under the auspices of the United Nations but it may have to consider whether to join the latest US actions.

Mr Mnuchin, who has known Mr Turnbull for years because they were both partners at Goldman Sachs, said he had "a very, very productive discussion" with Mr Turnbull.

“We had a very productive discussion on North Korea, he’s very supportive and we’ve encouraged him to work with us on sanctions,” Mr Mnuchin said.

As he sat with Mr Turnbull in the Oval Office, Mr Trump said: “The relationship we have with Australia is a terrific relationship and probably stronger now than ever before."

“We’re working on trade deals, we’re working on military and protection and all of the things that you would think we would be discussing today.

“We have a big meeting set up in a little while and we have a luncheon set up also and we have all of our representatives surrounding us and a lot of good things will come out of this visit.

“So Mr Prime Minister, we very much appreciate you being here.”

Mr Turnbull emphasised the “hundred years of mateship” between Australia and the US since soldiers from both countries fought together on the western front in France in 1918.

“It’s a hundred years of mateship we’re celebrating,” he said.

“We have been fighting side by side in freedom’s cause ever since. A hundred years of mateship and a hundred more to come.”