However, an Australian deal is yet to be announced ahead of the pause expiring on Friday.

Australia is currently subject to a baseline 10 per cent tariff, but what that figure will be as of Friday is unclear.

Trump said last week he would be sending out letters to roughly 200 countries this week unilaterally setting a range of tariff rates.

“It’s basically going to say, you’re going to pay 10 per cent, you’re going to pay 15 per cent, you’re going to pay maybe less, I don’t know,” Trump told reporters.

Trump reacted positively to the news, saying on his Truth Social account: “Now, we are going to sell so much to Australia because this is undeniable and irrefutable Proof that US Beef is the Safest and Best in the entire World.”

Meanwhile, talks between the United States and China are still ongoing, with officials from both nations set to meet this week.

Trump slapped a 145 per cent tariff on imports from China in April, prompting Beijing to respond with a 125 per cent duty on the United States.