Good morning,

Business leaders have agonised over a global economic hit from US President Donald Trump’s sweeping intervention on tariffs, which Andrew Forrest’s Fortescue predicted would trigger a reassessment of global and regional supply chains, while Woodside Energy chief executive Meg O’Neill said Washington’s 10 per cent global tariff gambit would “ripple” through world trade and inflate costs.

And Wall Street is marking its biggest wipeout since 2020 as investors warn the escalation in the global trade war sparked by the tariff bloodbath has amplified the risks for the world economy and markets.

Meanwhile, Glencore has told local communities that its Mount Isa copper smelter and Townsville copper refinery are hanging by a thread and unlikely to survive without financial support from the Queensland and federal governments.