Donald Trumps's global trade war sparks 'the end of US Primacy', according to the former Secretary to the Treasury department, Martin Parkinson.

Martin Parkinson, a former senior Australian public servant who also served as the Secretary to Prime Minister and Cabinet among other high-profile roles, says that the US President is not just tearing up decades of global free trade infrastructure but doing away with the international world order.

" Dismantling of the liberal international, global order that's existed since World War Two. And it's that order of which the trade system is part. But more generally, it's also the international institutions, the rules of how we engage with one another as countries."

 And one of the consequences of this is that US primacy or US hegemony, how, if you want to describe it, will not be able to survive. 

 And all of these things, weirdly, are actually being driven by the United States, which is the architect of this entire system."

He's told The Business Australia is not at all prepared for this new world order, given how the country's economy has benefitted from not just free markets, but also the US Security Guarantee in the Pacific.

"The world is not what it was yesterday, or more accurately, it was not what it was this time last year. And the question for us is, what do we do? And how do we do it? 

It really should be an incredible wake up call to the Australian public and the Australian business community, Australian political community.

 This is not just about trade. If we think about it as only a trade issue, we're missing the bigger picture."

Martin Parkinson, says Australia needs to be ready to the manage our way in a world where we can't rely on good luck or China turbo charging our growth. 

He says this is going require a frank wholesale discussion among the community and the government about what politicians can realistically deliver.

If you're keen for more thoughtful insights from Martin Parkinson, my interview with him is airing on The Business this evening at 8:45pm on ABC News Channel or later on ABC TV. You of course can always catch it on ABC iView at any time.

As reported earlier today, Star Entertainment's refinancing deal has fallen through, leaving it at risk of collapse. 

Omkar Joshi, from Opal Capital Management, says the deal likely fell through because the Salter Brothers were probably keen to safeguard their own interest in the event of a default.

My colleague Rachel Clayton looks into the issue here:

Hope has all but run out that Australia will get an exemption from US president Donald Trump's reciprocal tariffs, which he's labelled 'Liberation Day'.

Rumours have been swirling about how high they could go, with some saying they could go as high as 20 per cent.

ABC's Americas editor, John Lyons, told The Business program's Kirsten Aiken Australia is doing everything it can to try and strike a tariff exemption deal. 

Local equities have closed in positive territory (just), surrendering gains made early in the day. 

The ASX200 closed up 0.12 per cent to 7,934 points as at 4.30pm AEDT. 

The broader All Ordinaries index closed up 0.08 per cent, to 8,133 points.

Investors remain cautious ahead of President Trump's "Liberation Day" tomorrow where reciprocal tariffs on US trading partners are set to be announced.

Real estate, consumer cyclicals and the financial sectors were all positive, while academic and educational services dragged.

Take a look at the sectors here:

The best performing stocks included Light and Wonder Inc, Megaport Limited and Goodman Group. 

The worst performing stocks included Treasury Wine Estates and Neuren Pharmaceuticals. 

Mineral Resources fell 2.3 per cent after a class action was announced and Zip shares also fell after losing a trademark infringement case.

A class action lawsuit has been launched against miner Mineral Resources and its managing director Christopher Ellison. 

The claim, filed in Victoria's Supreme Court, alleges the company breached its disclosure obligations over serious governance failures "that directly impacted shareholder value".

Read more about the class action here:

Emerald Resources has announced it is debt free after making the final payment for its $60 million debt facility. 

It took out the facility with Sprott Private Resource Lending in June 2019, allowing for the development of the Okavu Gold Mine. 

Shares are up about 2.4 per cent on the news, to A$3.77.

Emilia with you here. 

I am preparing to cover the impact of Trump's latest tariffs, known by him as "Liberation Day" and by some analysts as looming choas.

I've been seeing some chatter on social media of Australians who are switching from US products to Australian ones or from other markets.

If this is you, send me an email? terzon.emilia@abc.net.au

And here's an explainer that I just whipped up to get you briefed ahead of tomorrow's announcements.

The Prime Minister Anthony Albanese is preparing to take the United States to the World Trade Organization if Australia is involved in tomorrow's "Liberation Day" tariff announcements. 

Australia is anticipating tariffs of up to 20 per cent on all exports to the US. 

Read more on this story here:

Insurance losses from ex-Tropical Cyclone Alfred and flooding in North Queensland have exceeded $1.2 billion, according to the Insurance Council of Australia.

Insurers have received more than 95,000 claims from ex-Tropical Cyclone Alfred, totalling almost $1 billion.

About 30 per cent of these claims have already been settled and most relate to food spoilage and temporary accommodation.

There have been more than 10,000 claims from the North Queensland floods, totalling $233 million.

These claims are mostly related to food spoilage and water damage.

The council's CEO Andrew Hall says it's been a busy start to 2025, particularly in Queensland, where there is now widespread flooding across the state's west.

"While only a small number of claims have been received so far for the most recent floods in western Queensland, insurers are assisting customers to help ease stress and uncertainty. Once access is restored, insurers stand ready to deploy resources to impacted areas."

Shares in buy now, pay later provider Zip have fallen more than 6 per cent today, after the company commented publicly for the first time since a recent court judgement. 

On March 19 the Federal Court ruled in favour of mortgage provider Firstmac Limited in its trademark infringement claim against Zip. 

The proceedings have been ongoing since 2019, when Firstmac initially sued Zip claiming the company was illegally using its 'Zip' trademark.

Zip Co intends to lodge an application for special leave to appeal the court decision. 

The company says there is no disruptions to Zip's Australian operations.

The stock is down nearly 50 per cent so far this year.