A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

Australia intends to remove restrictions on US beef imports in a bid to appease President Donald Trump, who had highlighted Canberra’s biosecurity measures as an unfair impediment to trade.

Australia will lift restrictions on the import of beef from the US, a trade barrier which had angered the Trump administration. American beef has effectively been banned from the country - which has some of the strictest biosecurity laws in the world - since 2003 after an outbreak of bovine spongiform encephalopathy,