President Donald Trump said the U.S. will sell "so much" beef to Australia after Canberra relaxed import restrictions on Thursday, but economists and traders said high prices and tight supplies make major American exports unlikely.

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 mad cow disease.

“After many years Australia has agreed to accept American Beef !” Trump wrote on Truth Social.