The US president, who has scheduled the call from the White House Oval Office for 7.45am AEST, has been discussing the deteriorating situation in recent days with other world leaders including Germany's Angela Merkel and South Korea's Moon Jae-in.
"We have a very close relationship with the United States in all of these defence and strategic matters, none closer," the prime minister told Sydney radio station Nova 96.9 on Tuesday.
"The important point to remember is that everybody wants to get this resolved without conflict."
Mr Turnbull later told coalition MPs at a partyroom meeting in Canberra the action of North Korea was "reckless, dangerous and provocative" and repeated the words of the US ambassador to the United Nations Nikki Haley who said the regime seems to be "begging for a war".
North Korea has been observed moving what appeared to be an intercontinental ballistic missile towards its west coast where it has launch facilities, South Korean media reports.
An unidentified intelligence source told South Korea's Asia Business Daily the rocket started moving on Monday, a day after North Korea's sixth nuclear test, and was spotted moving at night to avoid surveillance.
It comes amid speculation the rogue nation may be planning to fire an ICBM as early as this weekend when the republic celebrates its foundation on September 9.
South Korea's defence ministry has confirmed North Korea is capable of launching more missiles at any time.
US Defence Secretary James Mattis has warned of "a massive military response" to any threat from North Korea against the US or its allies.
But Foreign Minister Julie Bishop told parliament it was overwhelmingly in Australia's interest to use every effort to find a peaceful resolution to the crisis.
Mr Trump tweeted on Monday the US was considering stopping all trade with any nation doing business with the pariah state - a risk for China, its largest trading partner.
Trade Minister Steven Ciobo said the North Korean situation required a "cool head" and a calculated approach.
He warned a global trade war would result in a global recession.
Labor supports tougher and more targeted sanctions as the best path to de-escalation, with leader Bill Shorten saying China and the US should work closely on "practical steps".
Australia's senior diplomat in charge of nuclear non-proliferation issues told an international forum North Korea's conduct posed an "increasingly grave danger" to regional and global peace and security.
Brendon Hammer issued a formal statement to an extraordinary session of the Comprehensive Test Ban Treaty Commission in Austria.
"Australia join the overwhelming majority of the international community in utterly condemning DPRK's repeated testing of nuclear weapons," Mr Hammer said, adding that the tests underlined the need for the treaty to enter into force.
Defence Minister Marise Payne will leave for talks in South Korea on Wednesday.
