Trump's global trade war sparks 'the end of US Primacy' says fmr Australian Treasury Secretary

Former senior Australian public servant Martin Parkinson, who also served as the Secretary to Prime Minister and Cabinet says the US President is not just tearing up decades of global free trade infrastructure but doing away with the international rules-based system. He says one of the consequences of this is that US primacy or US hegemony, will not be able to survive, and strangely America is the one that has set that in train, despite being the original architect of global free trade. Martin Parkinson says Australia is not at all prepared for this new world order and needs to be ready to be able to manage in a world where it can't rely on good luck, or China turbocharging our growth. He says this is going require a frank wholesale discussion among the community and the government about what politicians can realistically deliver. Domestically, he says fixing the tax system to prevent intergenerational inequality and ensuring young people can buy homes are crucial priorities as well as getting buy in on adapting to mitigate climate risk.
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